Dave hit the nail on the head.
I will say that most of those small 110 units with proper technique can do a lot in an experienced welders hand, but can also get people into trouble. Those ratings on 1/4" in a single past in my experience the 110 welders can handle about 1/8" comfortably and past that you need to start preheating and beveling your metal before welding so you can get enough penetration. The other thing about a small 110 unit is that it can not weld for very long before needing to take a break. Most 110 welders have around a 30% duty cycle, without getting into all the specifics it bascially means for every 3 minutes of welding you have to wait 7 minutes for the unit to cool. The duty cycle is something that is very important when looking at welders.
If you can swing it I would look at a 220 welder with at least 200 amps and that can be adapted for shielding gas, or flux core wire later on (most on the market already do this). I would think a Hobart 190 or 210 would be a good starting place that would probably do most everything you could throw at it.
I have the Hobart Ironman 230 and it is a very good machine very similar to the miller 252 but saved me about a grand when I bought it. I use miller at work and the Ironman welds every bit as good as the 252 miller. I will say that the 252 is the smallest welder we have at work though so I don't use that one very often.
Another option is a good stick welder will be much cheaper and let you do a lot more for a lot less. The down side to stick welding is it is a slower process, and takes a bit more practice to get the hang of it. But the up side is if you get a good looking bead 90% of the time the weld is good, unlike gas metal arc welding (mig) where you can have a great looking weld that is structurally unsound.
I could keep going on and on but like Dave said the best thing to do is go to a local welding supply place. They may be a bit higher, but their knowledge is worth it, plus you can generally get them to throw in some extras for you when you get the welder so it ends up about the same.
One last side note, a auto darkening welding helmet will make life much much easier.