We use the X-230 hole cutter from Hole Pro and like that it covers every can size including the 8" CFL cutouts. We used one of the LSD single blade models and it was no where near the quality and with all the balance bars the cutter still wobbles and with sheetrock it is easy to tear it or get a less than round hole.
With both the hole cutter and the shield and the XL-Arbor adapter and the shield we get the dust control and we also get perfectly straight in cuts so everything lays flat and we never need to use an oversize trim ring. The orange knob controls the spring tension but we use it to control the cutting depth as well. We set the cutter so it stops after 3/4" and have a lot less worries about clipping a hidden wire or piece of pipe.
We use the X-230 on sheetrock and plaster and also on Hardie siding where it cuts nicely through both the fiber cement board and through the oriented strand board sheathing as well. But it cuts to a maximum of 1-1/8" and that is where the XL-Arbor adapter comes in and our new TCT hole cutters from the same company. With the TCT hole cutters we can cut through material up to 2-1/4" thick and that includes Hardie paneling, plaster, MDF, brick, stucco, fiberglass and acrylic, and of course wood.
The TCT hole cutters work a lot better than hole saws anyway and with the shield it helps to have a hole cutter where the cut plug is easy to remove. With the TCT hole cutters and wood, MDF, OSB, and plywood, the cut plug falls out as soon as the hole cutter gets through the material.
The spacer is important for easy removal of the hole cutter and the release bar is quite long so even someone with very big hands or with gloves can hold it while twisting off the hole cutter. We have one of the Starrett "Cowl" kits that has a shield and a arbor and two separate adapters, one for 1/2"-20 and one for 5/8"-18 mount hole saws, and a case. The Starrett kit came from toolguys.com and cost $190. The XL-230 kit (with its shield, adjustable 2-9" hole cutter, high speed steel blade set, tungsten carbide blade set, and carry case) cost us $130 and we paid $45 for the XL-arbor kit. We think the Hole Pro setup is the better deal and having two loose adapters as with the Starrett kit is a lot less convenient and if you lose one you are SOL.
One thing we found interesting was that with Hole Pro's Blue Boar TCT hole cutters, even their small sizes all use a 5/8"-18 thread mount and work with standard 2-pin style arbors. Nice to have just one arbor do it all and so we only use the 1/2' threads on the XL-arbor when we are using small tungsten grit hole cutters with tile.
Lots of videos on the www.holepro.com