For the same money you would spend on the Hobart you could get a Miller 211 with a spool gun and cart. It's a less powerful welder than the Hobart, and it has a lower duty cycle than the 212 that Pitalplace recommended, but it runs on either 120 or 230 volts. Of course, that feature doesn't mean much if the welder will be used only in the shop.
From reading your posting, I get the feeling that you haven't zeroed in on just what you want. You start by saying that you don't need a 225 amp machine, but you certainly do if you plan to weld aluminum. You think a 120 volt machine would handle most of your needs if the quality was higher, but you are looking at a 250 amp Hobart.
All high quality welders have strengths and weaknesses. (Unless your budget is unlimited, high cost would be a weakness of a machine that might have all the features you need.) You can make a case in favor of almost any good welder if you don't set some guidelines based on what you want to use it for. Figure out just what features are most important to you and it will be much easier to narrow it down to the right welder.