I have a New York Barbell power rack, and I've been quite happy with it. Get a pair of dip bars with it. If you feel like you need it, you can get a cable attachment for it as well.
If you spend any time reading the forums here, you'll find that most folks have a pretty low opinion of the Smith machine. A Smith machine limits range of motion, creates an unnatural bar path, turns a three-dimensional lift into a two-dimensional lift and takes many stabilizer muscles out of the equation. If that's what you want, you might as well stick to the Bowflex.
When I was shopping for my rack, I found that I could get a better deal online for benches and racks than I could locally, even with shipping prices figured in. That might not be the case where you live -- shop around first and see what's available.