Ok what are your thoughts on a smith machine? I don't like them for bench press but I would be mostly using it for squats. I dont have a spotter and workout at home. They are pretty pricy, but there are some good ones around where I live on cragislist. Power rack maybe?

I am not a huge fan of smith machines. They do not allow your joints to move through their natural plain of movement, and when used with heavy weights, the wrist rotation on release and locking of the bar can cause problems. Also because they are a machine, they remove the core engagement of true free weight exercise.
Squat, or deadlift on a smith machine and you will more than likely injure yourself, plain and simple.

Now a power rack with an olympic bar oh boy, having one of those at home is a dream come true. The single greatest exercise tool since the barbell was invented.
Thats money well spent.

Thanks Cord. I was leaning toward the power rack anyways the more that I have been reading into the smith machines. I have never liked the smith machine because of the range of movement never felt right. Just have to wait for a good one to come on craigslist.

I have a smith machine in my home. I agree with Cord for the most part. I do not use the bench press or the squat for heavy weight. I do like the cable attachments, and use those a lot.

Smith machines have their pros (like being able to use them without a spotter) and their cons (poor range of motion and limited support muscle involvement for some excercises).

I prefer free weights, as Cord said, but SM can be useful if free weight are not practical.

Totally agree with the masses. Smith machines definitely have their place and can be beneficial especially if you don't have a spotter ... but free weights have more benefit to them.

I work out at home and have an Incline/Decline Olympic Bench with the Safety Spotter attachment for the Bench Press so I don't need a spotter. I do also have the attachment for the Olympic Squat Rack ... plus several other attachments (preacher curl, leg extension, peck deck). I however am limited for the amount of weight I can use as I have no spotter but I would rather use this the old fashion hard way then the smith machine. However squats are not in my arsenal at this time due to some set backs but squats with free weights are the bomb ... I just wish I had figured that out when I first started and not years into my training.