I can't recommend the Foredom enough. It's an excellent tool, well designed and extremely well made. Expensive, yes, but you get what you pay for. The end play in the handpiece bearings is much less than in the Dremel flex shaft tool. Of course, that makes all the difference in producing attractive, consistent engravings.
BONUS HINT:
It's best to keep any flex shaft as close to straight as possible in use to reduce friction and the chance of overheating. Most folks hang the tool from a vertical hanger next to their dominant hand. Many hangers are available and most of them suffer from being too wimpy and flexible (the Foredom one may be an exception; haven't tried it).
I took a gas pipe bar clamp and drilled and threaded the tip for two hooks. Being adjustable, it mounts to any thickness bench and is perfectly rigid. I hang the Foredom motor from one of the hooks and the router speed controller I use with it from the other. (See below for more on this.)
Foredom and others sell a benchtop mount for their units. The motor is held horizontally and can rotate about a vertical axis. I would avoid it. Who wants a flexible shaft and the power cord lashing about on the bench top while you work? If I want to knock tools on the floor I can do a better job with my own two hands.
Here are two articles describing the Foredom hanger mentioned above in more detail...
http://www.homemadetools.net/forum/f...h-hanger-49170
http://www.homemadetools.net/forum/f...138#post100837

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