I have that powder coater. It works fine, you can definitely get some good results from it you however need to do some trial and error...
I use an old metal storage cabinet as my powder coating booth. I got a free electric oven off of craigslist. The size of the oven is the limiting factor as to what you can powdercoat.
I use a sandblaster to prep my parts. You don't need one but it helps. If you don't blast the parts, they at least need to be absolutely clean than rinsed with some solvent - I use denatured alcohol. I also heat the part to 400 degrees before coating to "out gas" anything nasty. Then I let it cool, coat it and cure it.
Improper cleaning\prep is the number one mistake, number too is not heating the part fully. The curing time\temp rating is given based on the PART getting that hot not the oven. Most coaters use an IR gun to measure the temp of the part.
Also do not use the Harbor Freight powder. It's horrible. I use powder from
www.columbiacoatings.com, but there are other good places like:
www.caswellplating.comwww.eastwoods.comwww.powderbythepound.comCaswell and pbtp have good forums with tons of info.
So yeah the HF gun is a cheap way to start, its really all the other stuff (sandblaster, IR gun, prep chemicals, masking tape, etc.) that adds to the cost.
Never mind that you'll get hooked and want a better gun ($400+) and you'll start building a bigger oven ($1000)...don't ask me how I know.
Here's some examples of stuff I've coated...
http://gallery.sohc4.net/main.php?g2_itemId=306724
any other questions just ask!