Hi Ken
I was a fitness instructor for 14 years, an internationally competitive strength athlete for over 10 years and the manager of the Australian National University Fitness Centre for 14 years until 2006. I also taught the Gym Instructor module for the Level III fitness instructor course at the University of Canberra... and in my opinion a rowing machine is the best piece of exercise equipment to consider should you be looking for something to exercise on at home. It overloads the largest number of muscles both aerobically and anaerobically compared to an exercise bike, stair stepper or any of the infobullcrapmercial equipment you might see on TV.
Like telescopes however we all know there is no point in purchasing a 60 or 70mm refractor on a rickety tripod as it will invariably disappoint and will inevitably end up in a garage sale...ever noticed how
every garage sale has a piece of cheap exercise equipment at it? (just like carrots in vomit).
I had the same question you posed above asked of me many times while I worked at the ANU and I always said - spend some reasonable money on a good piece of exercise equipment or it will end up at a garage sale
My recommendation is without doubt a Concept II rowing machine (or "erg") either
model D or
model E
They are not only functional from an exercise perspective but they are very robust, are fun and comfortable to use, run smoothly, conveniently designed for watching television while exercising and are easy to store
... and never see it at a garage sale
You could pick one up second hand cheaper of course
Just my 2c worth
Mike