Interesting discussion. As usual mostly it boils down to what you are going to make. In our woodworking shop we have ER32 collets for holding tools. In my hobby area I've got 5C. It takes a lot of 5C collets to cover the entire range up to 1 1/8". I've got several for squares and a couple for hex. I got a very nice runtru 5C collet chuck from Quality Tool (PM) that I use a lot. Same collets get used in the spin indexer, collet blocks and tool grinder. Any time I have a series of parts to make, I install the interior depth stop on the 5C collet. I made a spider for the lathe so I can support long work thru the collet chuck. For the widest clamping range look @ rubber collets. A nice thing about collets is you can clamp directly on threads, or even end mills.