Pretty much agree with everyone here, 3HP and above is pretty cumbersome to handle freehand. Best used in a router table. I have the PC 7532(3 1/2HP) in a cast iron Bench Dog router lift. Love this setup, being able to adjust the router bit height from above is the best thing since sliced bread. For freehand work I use the Bosch 1617 and Bosch Colt. I try to use the Colt whenever I can get away with it because the thing is so damn handy.
Also second Conductors recommendation, the Grizzly 36 piece router set is a great way to start. The only bits that I have upgraded are the 1/2", 3/4" straight bits an the 1/4" round over. Though I have added quite a few bits to this set, the tongue and groove set is probably used the most(I do a lot of wainscot and cabinet doors). Whiteside and CMT are great upgrade bits.