The most accurate form of the ER type collet I have used, comes from the Japanese company BIG. They have the highest of any specs I have ever seen in a collet , and used one for the First time on Monday to hold a part with an 8mm shank. But the price for the BIG collets and the holder , costs about the same as buying a cheap range Myford sized lathe.
Just to add to the ER situation, What is missing in alot of cases with the collet nut, is the concentricity of the thread to the inner taper on the mandrel or body of the collet system, and then the concentricity of the collet nut to the inner nose taper. When I made my ER spindle nose, having made the thread concentric to the inner 8 deg taper per side, I got all the Regofix nose nuts that I was going to use, and checked them all for the thread fit. It works really well. Another point in my set up, is a slotted pin, that keeps the collet in the same radial orientation. It does limit the closing of the collet to slightly less than the max closing.
There is now a fine thread format nose , where they use a 1mm pitch thread instead of the 1.5mm thread pitch for the collets in the ER20 and up. It makes a significant difference to the amount needed to tighten down or to hold a part or cutter on the system.
Most of the ER systems I see available today, do not hold a part dead true from the initial clamping, and require a small tap or adjustment to hold the part or cutter true. In short you get what you pay for and at some point a most hobbyist just get by and make do with what they have. Most hobbyist are not making a part that has to fit another part made by somewhere else in another part of the country or world.
Something that I make alot is what I call a distortion bush . I make a bush nearly finished size. Part it off the bar. Then hold it in the lathe chuck I am going to use, normally a 3 jay chuck, or even in an ER collet. Bore the inner over sized when it is lightly held in the chuck. Then tighten to close to the holding amount on the chuck, or collet, and finish the inner bore to being a close fit to the part and the end face. When released on tension, but not loose, the part can be inserted, clamped and the operations completed. This works very well for a few items that need a precision second operation.
5C and the ER systems have been mentioned alot, but with the ER systems, I have found that the cheap collets are not worth the time or money spent. I have some cheap collets that are just junk and should never have bought them. Others have got cheap collets and most seem to be fine for them. It all depends on what you are making, and the level of precision that is required. The AA graded collets seem to be just as accurate as the RegoFix High precision collets, is what I have found, when all else is correct.
Neil