The notion of "what vise to buy" is always a fun topic, but it is definitely all based on experience/opinion. I made a recent post in another forum, and will share that here:
Determine your need for another vise and then make any adjustments accordingly. If a new vise is in order, and you know your spending limit (of $200), make a decision based on the type of fly you will be tying regularly.
The major ones discussed here make excellent vises, and have great reviews from many tyers. The other vise to include, in my opinion, is Stonfo.
Regarding Renzetti, I have tied on a Traveler for 20 years. I recommend this vise to everyone, and like the extras they offer. The Regal is another in that category, mainly because the holding power is incredible on all of their vises. I've seen jaws chip in both of these vises, and the most common reason was poor hook placement, thus I believe this could happen on the majority of vises with strong holding power. Purchasing either of these vises is a great decision.
A third one that I recently began tying on is the Stonfo Kaimen. The vise jaws are formed in a way that I can easily tie small (to 28) to large (6/0) flies with no adjustments. There is a gap in one jaw to allow those larger hooks a holding spot. The jaws offer rotary style when straight, and the movement is extremely smooth. The price point of the vise is right around $200, the quality appears excellent, and it's a brand-new vise in their series (which seems to improve every year). I am now tying on one, thus feel confident regarding the vise. I just received this about a month ago, so tough for me to say more @ this time, but here's a video of it I found online:
http://www.youtube.com/watch?v=RygB-aCUf2g
With that said, if you ask 25 tyers which vise they like, you're sure to get about 15 different replies (I thought saying 25 would be too obvious!), thus try to tie on the vises first to get a feel for the style you're into.
Good luck!
TC