I have a cyclone dust system that works very well. I never have to wear a dust mask when cutting and there's virtually no residue after a cut. I would be fine with putting one of these machines in my house vs. the garage. The key metric in dust collection is the CFM's. The bigger, the better.

As far as noise is concerned, a lot depends on you. If you're using a router, it's going to be loud and probably beyond acceptable. If you're using a spindle, they are a lot quieter and probably would be fine.