My setup:
1) Weller WES-51 with several tips, has served me perfectly since 2004 with regular use
2) Hakko 808 desoldering pump, can't say enough good things about this unit
3) Chinese-made SMT rework station with proper diaphragm air pump (fans in handles are silly), hot air works very well
Until last year I did everything with my WES-51 and a Soldapult/braid, including simple SMT. Best bang for your buck, imo. I can't speak for the Hakko 888 station, other than it looks too much like it belongs in a Little Tykes catalog.