I bought a PM-833TV a couple of months ago and will offer a different point of view on the R8 collet set.
I bought one. And then I returned it and bought an ER40 collet.
My rationale is that I tend to buy metric cutters. And R8 collets have a very limited grip range. So, when you have a set of R8 collets and want to use a 12mm cutter.....or a 4mm...or a 6mm, you're out of luck. An R8 collet set with a few collets doesn't even come close to clamping all the possible sizes in the 0 to 1" range. Conversely, a good metric ER40 set will clamp any diameter between zero (or thereabouts) up to 1". Much more flexible.
And, an ER-40 holder can be opened or closed with wrenches right in front of you. You don't have to reach to the top of the machine and you don't have to remove/inset the collets from the spindle......you just loosen the nut and swap the collets. Seems far easier to me.
Finally, I already had an ER-40 collet set up (for my lathe). So buying a holder was my only expense to be able to clamp any diameter up to an inch. Far less money than the 100s of R8 collets you would need to cover every diameter up to an inch (An R8 is only supposed to clamp a range of .002 to .005" depending on who you ask)..
Downside on a smaller mill would be that the ER40 holder consumes a couple of inches of vertical travel over using an R8 directly.