In general, I agree with Will.

However, the virtues of the hollow-chisel mortiser are unsurpassed in softwood. With smaller bits, it's a handy tool for making doors, as well.

Still, if I could only buy one, I'd opt for the chain model. Makita has just dropped the price, too, for some reason.

Good luck - and let me know if you figure out how to sharpen those chains effectively.