I have a Fry Daddy and love it. Health isn't such a big concern if you just exercise a little common sense. You can enjoy fried food and not wind up in an early grave, just don't eat it more than once a week.
I eventually succumbed to the southern ways and picked up a frier (I actually have two). I wouldn't be
too worried about the negative aspects of frying. I think they say that frying typically adds about 15% of the calories from the oil? It's something relatively low like that.
The one negative aspect can be how expensive oils get. Peanut oil works really well for meats (in my experience), but it's
not cheap compared to other oils. Also, make sure your fryer has a top for it that
can be used while frying. Some cheaper units do not have one, and they will make your kitchen/apartment/house smell... for quite awhile.
In regard to the quality of the unit, I usually checked reviews and none of the units ever had stellar comments. I use the cheaper ones, and they work fine. Sure, the oil will cool down when you put an item in it... convection is a bitch, but it's never really affected my frying.
I've had a hard time finding a good breading recipe though. Chicken fingers are fun to make, but I've tried mixtures with flour, corn meal, etc. and nothing has come out with good enough of a taste. I wonder what I should try adding next.
EDIT:
While you can reuse your oil, I don't normally do it. I don't fry enough to warrant it. Also, I probably would only reuse it if I was cooking something that I wouldn't mind possibly getting stuff from the previous item on it. For example, I would probably never do chicken fingers one night and fried ice cream the next. Chicken Fingers will use flour + spices and fried ice cream uses ground up frosted flakes + cinnamon. Probably not a good mix.