I was going to post this within the earlier thread, but really this is just an honest review of my own, and doesn't really address the original question.
I've got a Bowflex Ultimate 2, which is the top of the line Bowflex. I still try to make it to a real gym from time to time, but mostly, I put my time in on the Bowflex 4-6 times a week.
My overall grade for the Bowflex is a solid "B". Whereas my grade for a really good gym, that doesn't get so crowded that I have to wait for anything, I give an "A+". My grade for a really busy gym that cuts into my routine, I give a "B-".
Here are the major downfalls of the Bowflex Ultimate 2:
1. The weight goes up to 410 lbs of resistance. Granted I couldn't squat that much with free-weights, but right now that's what I'm using on the Squat Station for my Bowflex (I think the Ultimate 2 is the only one that offers a real Squat Station). It's plenty right now, but eventually, I'm going to want more weight - I can't get it.
2. The Leg Press is worthless (this goes for all Bowflex's - my father in-law has one of the first ones, and this goes for his too). With 410 lbs on the Leg Press, I can probably do 100 reps - it's almost more of a cardio exercise than anything else.
3. Calf Exercises - as it comes, the only calf exercise is on the Leg Press move. Again, 410 lbs isn't nearly enough. However, I bought an "Extreme Calf Machine" (see it here:
http://www.extremecalfmachine.com/index.html) and use it with the Squat Station, and it works awesome for standing calf raises.
4. The Lat-Pulldown doesn't give you a full range of motion. This is part due to the fact that I'm 6'1". The resistance of the "Power Rods" gets harder and harder, the deeper you go into a rep (the further down you pull, or the further up you push). And on the Pulldown, the top 25% of the movement, there's basically no resistance, so you don't get any kind of stretch at the top.
5. For the Bench Press, while the movement and the weight are good, getting into position is a bitch! You basically have to "curl" the weight up into position. So when you're doing heavy presses, you have to be very careful getting into position, otherwise you could tear a number of things!
Some of the plus-sides are:
1. 410 lbs is PLENTY for everything other than the Squat and the Leg Press as I mentioned earlier. For example, I do about 250 for 10 reps on the Bench, 270 for 10 on the Cable Row, etc., etc.
2. Because of the difference in resistance from the beginning of each rep to the end of each rep, it's weird that you can end up doing more reps! For example, at the very bottom of each rep of Bench Press, where normally this would be the hardest part of the rep, it's actually easier, so you can bust through another rep or two when you thought you were done!
3. Arm exercises are AWESOME on it, no matter what you do. I think it has something to do with the previous point, but I can insane pumps in both biceps and triceps.
4. Convenience. Having a gym in my house, where I can do just about EVERYTHING, whenever I want, is TRULY AWESOME! I wouldn't trade it for anything.
However, I will say, that for the money, and if you have enough space AND the space is in a ground floor room, I'd opt for a Power Cage, Olympic Barbell Set, etc. etc. Free weights are better.
But, my bonus room, where my gym is, is upstairs and throwing heavy weights around would shake the whole house, not to mention, could go right through the floor!
Hope this is helpful!