There's been a lot said already, so I'll try to stick with what I think are points to ponder, rather than what I think you should do.
I have plenty of space in my current shop. And me and my shopmates have a lot of equipment. We have a Delta contractor saw, a 3hp sawstop, and an old Oliver sliding table saw. We also have 14" Powermatic band saw, an 18" Laguna BS, and a 36" Yates BS that we're still tuning up. And a TS 55, and a Kapex, some fes routers, etc. I've gotten glue-ready rips from my freud blades on the Sawstop, when the blades were clean. (using the rip blade, or the premier fusion high-ATB.)
I agree in theory that a good band saw is capable of being a good only saw. But there's a learning curve with regard to aligning the blade and fence, and I think that there are times when I really appreciate being able to adjust the Laguna's fence to account for drift. Drift happens. I think the Band saw is a much safer tool than a table saw. A friend of mine uses his Laguna 16" with the Laguna carbide-tipped rip blade, and he says he gets glassy-smooth cuts with it... so high quality ripping IS possible on a band saw.
I have no idea how advanced your skills are, since I'm a new guy in here. Or how experienced you are with a table saw. I read that 70% of new woodworker injuries occur on table saws, and that they're one of the big culprits when it comes to injuries in any shop. I think there are two factors involved. One, any store will sell a table saw to anyone. (I worked in woodworking retail for 3 years... it's true, if you have money, they'll sell you a saw.) But there's a learning curve, and there's a long safety lecture in any school or shop, that the customer won't receive from the store. Two, many people either learn on a portable unit, or learn from a contractor friend, who learned on a portable unit, and they never got the cabinet saw safety lecture. There are cuts that will jam up a portable that a bigger saw just won't put up with, and it'll throw the wood right back at you... or through you. And many of these guys are also a little less likely to use push sticks and other safety equipment. I almost had a stroke when I found out my aunt had been using her craftsman portable freehand, without a fence, until I remembered that you can do that sort of thing with little portable saws, since they don't have the oomph to make the serious nightmare scenarios happen. If you opt for a contractor or cabinet saw, the craigslist stuff is cheaper, but the riving knife and safety features on the sawstop cabinet or contractor saw, are worth having. I know they give me a lot of peace of mind. The big Oliver saw gives me the willies.
Even with the Sawstop around, and the Oliver, there are some things I much prefer using the TS55 to do... like breaking down plywood. Large quanitities of repeated rips, I prefer the table saw, but if you have a small shop, or a garage/basement shop, (which I used to) I think one major advantage the Festool has is not needing 8 feet front and back of the saw for infeed and outfeed. And if you buy a real table saw, eventually you're going to need some form of outfeed support. There's just something about having the ability to make bigger cuts that increases the odds that you'll use the saw to make them... hence my use of the word "need."
Second to that, in a small shop, I think the minimal floor space required for a band saw versus a contractor or cabinet saw with extensions, makes it more desirable for an "only saw," kind of setup. Having worked in a small basement, in a smallish shop (800 sq feet) and in a large shop (3500 sq feet), I think that if I had to go back to the basement now, I'd bring the Laguna, and sell the Sawstop and the contractor saw. I used to use the contractor saw in my basement... it was an ongoing struggle, even with a mobile base, to find a way to have that, and make the space usable. The Laguna's a great saw to begin with, but one of the virtues that I think contributes to it being a good "only saw-bandsaw" versus the powermatic 14, is the lower table height, and the bigger table. The 14" band saw market in general is made up of smaller saws that have higher tables for more detailed scroll type work. The bigger Laguna has a more comfortable height for ripping, and things like that. (So do other steel framed saws.) Given that, It's my tool of choice for breaking down rough lumber, too... I already know I'm going to have to joint and plane everything, but I can rip some bodiaciously twisted rough stock on that thing, that I'd have to run over the jointer before I could even think about bringing it to the Table saw. In a plywood/sheet good shop, this is obviously less of an issue.
One more thing that may or may not be relevant, but came up in my basement shop, is the idiot friend factor... "Oh, hey, I'll ask James, he does wood stuff." In general, I'd usually feel comfortable loaning out my DeWalt circ saw. (except to the guy who used one of my japanese saws to try to cut a box spring in half... but screw him anyway.) I'd stand over someone while they used my Festool... and no way in hell would I let them near the contractor saw if I knew they hadn't used one before. If I'd had my band saw, I might feel comfortable supervising someone.
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