I agree with ErikS about the bits, but man was I surprised when I saw that good quality carbide cutters were $30-$50 a pop
Yep, they can hurt the wallet quite a bit....but....
When it comes to router bits (& routers) it's like reef equipment - you get what you pay for to a certain extent.
"Bargain" bits generally can have features like pressed on cutters, less amount of carbide, and not balanced very well. Higher end bits have more carbide, cutters are welded, and they're balanced.
Cheaper bits like Vermont American, Skill, Sears non-pro are "okay" for occasional & light use. Higher end bits like Amana, CMT, Whiteside, BOSCH, and MLCS Katana are very good - they will cut all day w/o a problem.
Remember - you're going to spin this bit at 20,000+ rpm = not a good time to have things go wrong.
That being said there are a couple of "lessor known" brands that offer very good quality (like MRC & GEO of the wood world - they're not mass market names).
Holbren
Blade's n Bits
I've not used anything from Blades-n-bits but I've heard good things. I have used bit from Brad (Holbren) - he a good guy & stands behind his products (note: I'm not affiliated with either of them).
Routers are much the same. The name brands (Bosch, DeWalt, PC, Hitachi) have "made their bones" - they've proved themselves to be workhorses. Others such as Ryobi, Sears (except the Bosch re-name), Skill can function fine in the "occasional/weekend" use role. With the higher end units you get a stronger design - beefier colletts, stronger bearings = they're designed for heavy use.
If you want really good info on what can be done with a router look for book(s) by Pat Warner - he's pretty much THE authority on routers.