Interesting... its advertised as 500-22,000 rpm, and most dremels seem to be advertised as 5,000-20,000 rpm. Is it just slower than advertised or is there some inconsistency here?

As far as I could tell from previous threads, and general mention around the forums here, dremels are discouraged because of that rather high minimum speed. Supposedly they generate a lot of heat that can ruin the temper of a blade while buffing/polishing. The model I linked is also supposed to be a cheaper imitation of the Wecheer according to the person that linked it originally at least. (sorry can't seem to find the original thread) Their main issue being the variable speed and the ability to keep it on the low end, though.

It's worth going down to your local hardware store to check out bit sets in person. Some sets are really cheap, and not worth any money whatsoever. It's best to see them in person and decide for yourself.
Actually, I'm really just clueless about what types of bits would be useful to have and what I should have on hand to do all the types of work scale and razor restores might require. I know buffing wheels and sanding dremels but my knowledge is really very vague at this point. This is a very good piece of advice though, and one I hadn't considered (even if I wouldn't know one way or another at this point)