Here is what I think: the router is woodworking's inefficient, inaccurate, dangerous answer to metalworking's milling machine. People who rout metal are willing to spend ten grand on a metal router, so milling machines are rigid, safe, and precise. People think two hundred bucks is a lot for a wood router, so all you get is the motor, the collet, and a couple of handles!
I've used my mill on wood, and it does precision work that would be extremely hard to do with my routers. Taking off a thousandth at a time is a breeze. On top of that, you get total repeatability, and you are much less likely to ruin a workpiece, because the vise or clamps will prevent most types of accidents. And you can even get a power feed, to keep your hands away from the cutting edge.
I haven't tried putting wood in my rotary tables, but I'll bet I could do a lot of lathe jobs that way.
If you have lots of skill, you can do great things with a router. If you're like me, you're better off with a mill.
I think a used milling machine is a great thing for any woodworker to have. When it's too clapped-out for metal, it's still far superior to any ordinary wood router. And you can pick up one up for the cost of a cabinet saw.
Cry "Havoc," and let slip the dogs of bench.
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A little authority corrupts a lot.