Ed,
One thing I didn’t mention was types of cutters.
If you go for the posilock system, they can only be used with screwed shank cutters.
Seeing as to how most cutters nowadays (including all the cheaper ranges) are either a Weldon shank or just a plain shank. ER and your plain collets will hold ALL types.
It is a fact of life that ER are more expensive initially than the Posilock system, but you have a choice, buy the cheaper Posilock, and only be able to use a fraction of the available cutters (screwed shank cutters only), or go for the ER system (all shank types) and be set up for life.
The larger the size of number for ER, means that it will hold larger sizes of cutters, so really, ER25 is the smallest size you should go for, and ER32 would be the ideal.
I hope this has made it clearer for you.
Bogs