FWIW, my experience with MIG.
I do some light fabrication work, usually using 3 or 5mm black steel, flats/angles/hollows/rounds, plate etc. A few years ago I searched the subject of machines, and ended up with an industrial standard m/c, Murex 190, single phase. It'll go reliably down to 30A, though I only keep 0.8mm wire which is a little thick to do car bodywork, you'd be better off with 0.6mm I think. It has nice features like "spot" timed and "stitch" functions (you can set the on/off times to produce repeatable spot welds or neat intermittent welds).
For hobby or DIY this standard of m/c cannot be justified. The gas bottle hire contract alone rules it out really.
The gas you use has quite a big influence on the quality of the weld for different sections, I use BOC gases and started with the Argoshield Light, but since switching to Argoshield Universal (a bit more CO2 I think) I find the 3-5mm weight sections weld much better. They also do a "Heavy" grade.
I have used a "DIY" type MIG welder (Clarke) and it actually does a reasonable job particularly on the light gauge sheet material typical of car bodywork. What you don't get is the robustness of the industrial machine, the torch doesn't feel as nice to use, and the feed mechanism isn't quite as reliable/consistent. If it isn't being used a lot, and you are careful with it, it can be fine.
The most important thing is to ensure the material is as clean as you can get it, all paint must be removed to get really clean welds....and practice a lot!
The other thing I found is that since buying an automatic helmet (an ESAB Eye-tech 10-12, bought from BOC with a little price negotiation) my welding has improved no end! They really do make a huge difference in ease of working. They come in various levels of range they'll cover, for light MIG you really only need a 10-11 grade. They start around £80 now I think, most seem to use lenses from one or two suppliers.
You need decent gauntlets, though these can be as little as £3 or so, and consider Proban overalls (fire retardent) at around £20. Remember MIG arcs will cause "sun-burn" on exposed skin.
I've had some stuff from here
http://www.protecdirect.co.uk/List.asp? ... kwear&i=58