Are there any benefits to using a Smith Machine other than not needing a spotter? I'm thinking about getting one, because i don't currently have a steady workout partner cause i have an odd work schedule.

Are they worth it? And can anyone make some suggestions on features to look for when buying one?

No, skip it. You're fine with what you have. You may have to get some more weights in the future, but you can definitely make do with what you have. Just don't go lifting too much too soon obviously.

Go with a power rack instead of the Smith Machine.

just use dumbbells that you can easily drop when doing bench press, instead of a barbell. smith machines just don't have the correct arc'd plane of movement that both squats and bench press need, so it's gonna feel unnatural.

Not only that but if you are at all serious about training, a smith machine is pretty much useless.
Its great for targeting, but you want to use free weights to perform compound lifts. The limited movements means that the synergist muscles usually engaged on the lifts are not adequetly stressed. Your workouts will be sub-par.
Free weights......Freeeeeee weights....

so power rack would definately be the way to go? This will give me the versatility of free weights with the safety of a spotter.

I thought about doing dumbbells for bench press but I dont feel like I'm keepinig them steady enough and they wobble and my form seems to suffer when not using a bar.

thats a good thing.. keeping them steady is your stabalizers job and yeah, i got the forearm thing when i did it too..:P

The idea is that if you're training alone and using max weights, you need to have a way to get out from underneath the bar. Training with dumbells is an option, so is a power rack. Shoot, for years I trained between a pair of saw horses.

smith machine--makes a good coat rack.

Hahaha. But yes, get a good cage or rack. I personally like the Powertec cage because it has multi-grip pull-up bars and dip bars included. If you spend an extra $400 or so, you can get a plate load lat attachment where you can do seated cable rows as well.

Powertec Cage

I wouldn't buy from this site though. Find a place that offers free shipping or buy locally.

Here's the rack I have:

Body-solid Multi-press rack

and it has spotters also.

There are alot of good options out there. Get shopping young man.

In closing: "10 Uses for a Smith Machine"

Azn_Dragon, please read this thread.