Rob
I had posted some time ago - maybe a year or more, and had purchased the HVLP unit via Harbor Freight. I think they are down around $69.00 now.

It's not bad - but certainly not production. I've used for both latex and varnish and found the following:

Varnish - worked fine, needed some thinning, still had overspray so use a plastic drop cloth. Air becomes warm and shortens dry time by quite a bit (can be good or bad thing) Clean up is fine with mineral spirits, but can't use any of the "tones" (Acy, key, etc.) as they will attack the plastic can. Regular can liners to speed cleanup from Sears won't work - pick-up tube punches hole in them.

Latex - takes a "ton" of thinning - over 50% so it takes a couple of passes to coat. Worked great on ceiling that was texturized. Again, warmth of air shortened wet edge by quite a bit. Was my first project and spent about two hours cleaning up overspray on wood floor. I learned !! See note above about overspray and drop cloths.

I also have a pressure spray gun and an airless.

Pressure is best gun (also a pint "touch-up" gun) and I find that I can can get best finishes with it. Of course I've used it more. Latex needs thinning (about 25%) and I need to run compressor close to 110 lbs. to atomize the latex. Latex is also hard on spray tip.

Airless is a housepainting gun. The only way to go but need to protect from overspray. Takes almost a gallon of paint to fill my tube, but you can't stop and admire your work or you will have runs. Pay extra and get an extended tip which adds about 18 incches to reach, and also add a roller attachment. Paint is forced inside of roller and out through little holes. This is a workhorse as I did 45 gallons of primer on son's new house from Friday afternoon to Sunday afternoon.

All have overspray and drift so protect (MOVE) your cars, motorcycles, etc.

Worst overspray is a toss-up between airless (sprayer) and pressure sprayer. HVLP is next and least is airless using a roller.

If you pay the extra $$$ for a good HVLP, you get a two (or 3) stage turbine, a much better gun and obviously better nozzle/tip. If you already have a good air compressor, you can purchase gun only and again - Harbor Freight has some good prices on non-production but better than average units. We are talking in the price range of $500 to $800 - so as noted, it might make sense to rent if you don't have a lot of projects. Basically it is a big reverse vacuum cleaner motor (single stage).

No matter what you use, brushes - especially disposable - are fastest to clean. Next is HVLP, then pressure and hardest (longest) is airless.

Good luck with decision. Hope this info helps. Will be using the HVLP on my strip truck bed cap. Will report back on how it worked out - major varnish over epoxy effort.