Tim -- The kind of bowl with an undercut rim can be turned with conventional tools. If you look at woodturning magazines from more than 20 years ago, you'll see the turners from yesteryear were making such bowls without the aid of carbide tools.
We are in a golden age for woodturners. We have an abundance of tools and technologies that weren't available to prior generations. Yet, there's really nothing that we make today that wasn't being made back then. My recommendation is to learn how to use traditional turning tools before trying carbide. As others have said, with most materials, you can get a better result with a traditional tool than with carbide. So, it pays to learn how to use traditional tools. (It's really not that hard. If it were, most of us wouldn't be able to use them!)
Having said that, there is a place for carbide tools in my shop. I use them when turning something that's particularly abrasive -- such as wood that has a high silica content or when turning off the bark. Carbide stands up to such abuse better than my HSS tools. But, I still use my traditional tools to finalize the shape and make the finishing cuts. I also use carbide when turning resins. Most resins respond to scraping better than bevel rubbing cuts. (My theory is the heat from rubbing of the bevel softens the plastic, causing it to tear rather than cut.) With the exception of Hunter tools, carbide tools are scrapers. So, they work well when turning resin. This is particularly true of the new negative rake carbide inserts from EWT.
HTH
David Walser
Mesa, Arizona