I've got a bench that does incline/flat/decline/military bench that I paid $220 for. Lifetime warranty. I can get a leg extension for $80 for it that gives me leg extension and hamstring curls. I can also add a lat tower for it for around the same price to give me lat exercices, and some tricep pull downs as well as a preacher curl bar.
I bought a wrack and dumbell set w/ 5lbs-45lbs for $190. I can hit a garage sale and get a boatload of plates and a barbell for around $100. I can add a power rack w/ a smith machine and multiple cable workouts for another $500. We just bought a treadmill for $1400.
Sure that's some money, but my wife and I use that stuff 5-7 times a week a piece. It's much more convenient for us to just wake up, walk downstairs, work out for an hour, and then head to work/class than it is to drive 25 minutes out of the way to use 75% of the equipment.
We aren't lifting to work out every single individual muscle in our body, and we aren't doing it to get ripped. We simply are looking to add some weight bearing resistance workouts and cardio to our lifestyle. We never will be models for a fitness magazine, but we'll still be in better shape than 90% of the population for our age.
For me, taking 5 seconds to adjust my bench from flat to incline and the money I've invested in it is well worth the added convenience of having it near me. And the fact that my wife uses it all as well just makes it all that much easier to spend the money on it.