Nothing at all wrong with a WSM. A guy on my competition team uses one all the time at home, and I got my B-I-L hooked up with one two Christmases ago. Great smokers.
The difference between a WSM and something like a Big Green Egg, for example, is the insulation. The WSM will use far more fuel than a WSM, and the Egg will be easier to maintain a consistent temp. That being said, you can use an insulated blanket designed for a hot water heater on the WSM if you're cooking when it's cold or windy.
Another great item to get with a WSM is a BBQ Guru. It's basically a small computer connected to a computer fan that will regulate your fire for you. It will add O2 as needed or take it away to make your fire hotter or not so hot. Really neat equipment that works really well. I use these on my Backwoods.
Cheaper yet, look into making your own smoker. Check out Big Poppa Smokers website and peep his Ugly Drum Smoker (UDS) kits. Again, it's an uninsulated smoker but they work great.
The bigger money smokers, typically, only mean more insulation. Course this is just a general statement. Backwoods, Pit Maker, Stumps....are all very well insulated vertical smokers. These type of smoker don't care how hard the wind is blowing or how cold it is outside or if it's raining. Does it make a difference? Sure it does. Do you have to have it? No. But it sure is nice...
As for wood to coal ratio, I don't know. I can tell you what I do but someone else will do it totally different. You just have to learn how your pit cooks and how much smoke complements your food. Some folks are really sensitive to smoke flavors.
In my stick burner I'll use one "log" of wood at a time. By "log" I mean a split piece of firewood about 12" long and roughly 3" in diameter. It's not a big piece, but it's not a small chunk. Also, I do not put the wood directly on the coals. I set the wood about 6-8" away from any flames and just allow it to smolder. I'll shovel enough coal in to maintain whatever temp I'm cooking at using the minion method. In other word, instead of dumping unlit coal onto lit coal, just put the unlit coal beside the lit coal and allow the fire to creep. This results in a cleaner fire with less smoke and the coal lasts longer. In my stick burner I have to check the fire every 45 minutes or so.
In my Backwoods Smokers I use only a few chunks of wood about the size of your fist. Maybe 3 or 4 to 10lbs of coal when cooking butts or brisket. In my Backwoods Pro Jr. this will burn for 10-12 hours untouched.
