We actually have a central system up and running, mounted on a support beam and routed overhead to a few tools. It is a cyclone (rather large, 4 feet or so), connected to a bin, as you described! 
I think Mike is talking about this:
http://www.clearvuecyclones.com/71-252-thickbox/cv06-mini-system.jpg
There are some of Amazon for ~$100, or we could make one for $20-30.
http://makezine.com/projects/cyclone-dust-collector/
Something like this could use our cyclone without buying a new one:
http://www.rockler.com/rockler-dust-right-4-quick-fit-floor-sweep
For the planar, we made an attachment that connects to the system that collects about 80-90% of the chips (need to locate this).
Yes please.
Because there was only one drop that wasn’t attached to tools, we left that attachment to be removable, like the small hose and adapter that connects the drum sander with a smaller port.
I don’t see how it works for anything but the drum sander. Maybe you can clear that up, next time we speak.
Those tools also get moved around a bit to accommodate different size/shape stock, so again we decided to leave that part of the collection system a bit flexible. It’d be great to get every single tool attached with a separate drop though! These were just some shorter term solutions.
Regarding it’s “completion” or continued work: the nice tube is really expensive (The nicer blast gates are also a bit expensive), so it was done in smaller chunks over a larger time using the COO or warden budget, as tools got more use and needed more stable dust collection.
I think you’ll nee to explain this part. I’m seeing 6" metal ducting going for ~$8 for 5’, and elbow for $5. I’m guessing we can attach most of the shop for a few hundred dollars.
http://www.homedepot.com/p/6-in-x-5-ft-Round-Metal-Duct-Pipe-CP6X60/100125106?MERCH=REC--PIPHorizontal1_rr--100172984--100125106--N
http://www.homedepot.com/p/6-in-90-Degree-Round-Adjustable-Elbow-B90E6/100062966
If you’re talking about all the flextubing, we’ve probably got more than we need. It’s best to use the metal ducting, since every kink in the flex tubing cuts into your performance.
Really it’s a question of time, IMHO, and I’ve got plenty, since I’m off until the beginning of the year.
Lastly, I would consider acceptable being able to use tools or work surfaces without having to remove cups of debris on top of the tool or surface.
Okay, I think we’re in agreement here. I’m guessing from the lack of pics that after the clean up on Tuesday we’re all in agreement that it’s in okay shape.