I looked at the previous model since lots of those are on the used market, but the new model, the one you bought, and I own has a slightly larger impeller from what I can tell, and a 20 amp motor instead of the old 14 amp job...
I bought my HF DC INSTEAD of a Delta 50-760. Mostly because I could get the HF DC AND a cartridge filter for slightly less than the Delta. If you go Wynn filter grab the spun bond, you can rinse it off and re-use it till you are blue in the face...
Is it a big 5 HP cyclone? No. But bang for the buck the HF DC is hands down your best option.
On any DC of this type, I would make sure I added a separator. Phil Thien's design applied in the inlet ring is probably the most effective I have seen, and is reported to have minimal if any impact on air flow, where trash can separators DO hit your air flow (which is why I dropped my build of one.)
Best of luck with it. The HF haters will fuss about it, but this is one of those machines from HF that is a true gem... It needs the same mods that the Jets, most Deltas, Steel City etc... need. A good 1 micron pleated filter, a cyclonic setup, either a baffle, or a neutral vane (Google Thien Cyclone, and Neutral vane for more info) and replace the ribbed flex hose between the impeller housing and inlet ring with 5" stove pipe fittings... And lastly use some foam weatherstripping under where the lower bag mounts to seal any potential bag leaks...
Like I said, this is not unique to the HF... The HF is a good machine, and a GREAT value...
Trying to follow the example of the master...