Get a Japanese Master System with a ToToTEK converter so you can play the American and European stuff, in addition to Japanese games. Granted, it's pricey, but you get FM sound, a 3D glasses jack and rapid fire in one sweet package!
i like using the original master system itself.power base converter works fine,but having the original system brings back memories from when i was a kid.
It depends on how much you like SMS, if you are really into it you have to have the original, otherwise the PBC is easy and nice. I have both, the PBC was a gateway converter.