Woodworking is a fun hobby or more for some but I should warn you it is not a cheap hobby. This is especially true if you are just starting out and may or may not think it fun after you are into it.
Some people go to a show and see the shopsmith and watch it perform and fall in love with the idea. Bang they spend the money and some become woodworkers and others well not so much. As an example my son and I just picked up a 1984 model with very little signs of use. The guy we got it from was the second owner and never used it, he even moved it thinking at some point he would get to it. Finally gave up on the idea and now my son has it. So my advice is to move slowly on the acquisitions until you have a feel for it.
Now if you haven't done wood working it is likely that you don't have any tools of the trade that you will have to have so save some money for those. Things like squares, rules, chisels, and some handheld power tools like a drill, circular saw, jig saw, sanders and the like. You could start a list of popular tools from various web searches to give you an idea of what most of us think are must haves. Or start another thread here and ask.
You get a nice amount of capacity from a shopsmith but you will need to add things like drill bits, casters, books and any odd number of other things to be able to do much other then cutting wood. While the shopsmith has a lot of capacity cutting up full sheets of plywood by yourself could be an issue so you will need added support or a guide saw system if that is in your future. Things like routing edges will cost you the price of router bits and you may find the use for a hand held router or 10.
In a lot cases you can or could go out and buy a already made item for cheaper then it will cost for you to tool up and buy the wood. Wood is not cheap. Of course if you like the idea of having worked the wood and make it in your very own shop then you are a woodworker.
The point here is don't get every bell and toy on the marker until you see how you like woodworking.
Shopsmith has a self study couse:
http://www.shopsmith.com/ownersite/cata ... course.htm
that might be a good idea as would the PTWFE (Power Toll Woodworking for Everyone) book which is a bible for the shopsmith.
First projects can be found in the PTWFE in the form of jigs and fixtures for the shopsmith.
It might be a good idea to add your location to your profile in case you need to see one in action or have questions that might be better handled in person. Might be someone who is willing to share just down the street from you.
Hope you join us for more information and to let us help answer more questions for you.
Ed