Hi Cosmic,
I'm like you, I bought a cheap chinese 3040 a year ago and have really enjoyed it, you were wise to get the 800W vfd spindle, 800 bucks! My 3040 came with a wimpy 300W, which I wanted to upgrade, but the entire z axis carriage and spindle clamp is one extrusion, changing the spindle diameter is impossible. I found a 450W same diameter, then a 600W 100V but this turned out to be a piece of junk with crappy bearings. Now I overdrive the 450W with the 100V power supply, so far so good. Mach3 and Artcam express are both great, especially artcam. I thought a usb controller would be nice, I could run off my laptop, so I bought a cheapo usb to parallel port cnc card. It dropped steps. I bought a tinyG and run chilipeppr, but I couldn't stand the latency. Mach3 is the best. My original 3040 was only 650 shipping included, but I have spent at least another 1500 on spindles, electronics, tooling, and software.
I've had a lot of fun, mostly v-bit and relief on hardwood. I like it so much that I just bought and put together a inventables 1000mm X 1000mm xcarve to do larger hd urethane and mdf. I also went with mach3 and parallel port driver, I bought an old laptop to run it.
Have fun!