The truth is somewhere in the middle. Even with my small engraver we do passes at more than 1/2 the thickness of the cutter.
It comes down to the router/spindle having enough power. The machine being rigid. The piece being secured properly. The quality of the bit. The actual material.
As for the original question, you aren't going to be happy with belts and chains. R&P is the safest way to go. It's fast, relatively cheap, and hard to get wrong.
Equipment: IS400, IS6000, VLS 6.60, LS100, HP4550, Ricoh GX e3300n, Hotronix STX20
Software: Adobe Suite & Gravostyle 5
Business: Trophy, Awards and Engraving