@ArmyDoc it's obvious you did your homework, thanks. It makes whatever the follow-up questions easier. So what are the follow-up questions?
This thread is so well covered that I barely have anything left to add other than my opinion that the price of VFDs now is so low that they ought to be the shotgun answer for just about everything in the hobbyist's shop. The typical hobbyist's shop has no motors >5hp and most of the applications are simple re-powers of simple 3ph machines that never had a control system, just a motor with start/stop/reverse. There is no concern about using one VFD for multiple machines* so long as you stick to V/Hz mode** and you don't plug/unplug/reverse (via mechanical reversing switch) motors under power.
* machine implies a simple single motor machine like a lathe or mill. In the case of a more advanced machine with multiple 3ph motors (lube pump, coolant pump, etc), RPC is a better bet.
**V/Hz mode is the simplest mode and does not use feedback (amps, back-EMF, etc.) to control the output voltage. Theoretically you should be able to run a multiple-motor machine from this, and probably even disconnect under power. But I don't recall seeing any VFD manufacturer explicitly condone this, so I won't either.
All of my (what now seem to be simplistic) questions were answered by the above posts - I have a better understanding of when an RPC or DPCs need to be used vs VFDs. And I understand now why you can't use one VFD for multiple machines - in that you can't put a switch after the VFD, so it has to be wired directly to the motor. (although you imply there may be exceptions...) Unfortunately, the discussion also raises / suggests more complex questions, which I don't know enough to properly form into questions.
VFDs are far more complex than I initially realized. If, as you suggest above, you have a 3 phase motor with either just an on-off switch, wiring in a VFD seems pretty straight forward, and that was what I was envisioning. But now it is clear there are multiple modes of operation, programable features etc. I find myself in a situation where "I don't know what I don't know". That makes it harder to know what to ask. But a couple questions are obvious:
What are the various modes a VFD can run in, and how do they work / how are they different?
What exactly is V/Hz mode?
What are the alternatives to V/Hz mode, how do they work and how are they different?
Another question is related to Mark's post:
...
VFD's for the most part need to be direct wired to the motor, and usually used for single motors when run in sensorless vector mode. They are relatively inexpensive for units in the 1-3 Hp range, beyond 3 Hp running off of single phase they get expensive and there is derating for 3 phase input models as well as additional expenses for a DC choke and noise filters due to increase electrical noise generated. There are also a lot of install considerations when installing VFD's and additional expenses for enclosures and such. Since the VFD output is PWM there are issues with insulation breakdown, and electrical noise, but in general this is not an issue with 240VAC motors and shorter cables. There can also be some issues with bearing currents and damage to bearings, this is more of an issue with higher voltage and industrial settings. Pluses for VFD is small size/weight, inexpensive for smaller motors, have the ability to be programmed for multiple functions (soft start, variable speed, fast braking, etc.), and ability to drive a motor at very high overload for short periods with overload protection. As far as voiding warranty, well that varies and you need to check with the individual distributor. My experience is it does not void a mechanical warranty issue.
The bolded part is concerning to me, even though it states it is more of a consideration for higher voltage and higher Hp applications. Hate to spend $20k and more on equipment to have it damaged by using VFDs, even with the improved functionality.
It is tempting to put in an 10, 15 or even 20hp RPC for the whole shop, just for the simplicity of it. After all, three-phase machines were designed to run as the arrive, on native 3-phase. Why go to all the trouble of wiring in a VFD if you can just plug it in and it will work as designed?