I have this router: http://www.cpohitachitools.com/hitachi-km12vc-2-1-4-hp-variable-speed-plunge-and-fixed-base-router-kit/hitnkm12vc,default,pd.html?ref=pla-mobile&zmam=31282435&zmas=47&zmac=498&zmap=hitnkm12vc&gclid=CLX2_cyDyM0CFUg8gQodhgwJcQ
I like it pretty well, and it can be found well inside your budget. The only downside I have found is the lack of dust collection, although there seems to be an optional accessory available.
Dewalt has a similar unit for a few bucks more, and Bosch has one a little more than the Dewalt.
Rectangular or square shaped buildings are always cheaper to build (think of roofing trusses for example) so it comes down to how much budget you have. If you wanted an odd shape like an ellipse, a random curved shape or even circle you have to factor in the construction costs for the complication of putting a roof on for instance. Of course nothing is impossible given adequate funds. Rectangular has always worked for me and many manufacturing businesses also have used rectangular shapes for countless years.
As Richard eluded to it all depends upon your workflow as to where you site equipment and benches. If you are savvy with Sketchup layout machines where you like and once you have a basic layout then draw the shop boundary walls to fit it all in. It'll probably be rectangular.
Alternatively use squared paper and cutout machine shapes and a plan view of a human figure. That will give you some idea as to whether you have left enough room to walk around. Only you can decide what works best for you but you can get some ideas from looking at other arrangements by other people.
A good book to read is Setting Up Shop: The Practical Guide to Designing and Building Your Dream Shop by Sandor Nagyszalanczy. Amazon stock it and it is a Taunton Press book.
The T8 was announced a few weeks back and has been on sale in the UK for a few weeks. I still can't justify the cost of a wet grinder like this, especially when you add on all the attachments (you've just GOT to have everything after all ) and even the T4 is a little pricy for me. I will stick with the granite/sandpaper/scary sharp and waterstones (all combined with the Veritas MK2) that I have been using for years.
Anybody got one or thinking of getting one?