I appreciate the advice Tubercle. I may well be saying "he told me so" in a couple of years, but this really will suit my purposes just fine for the forseeable future. First of all, the smaller the footprint, the easier it is to fly under my wife's radar. Secondly, I'm a small-batch brewer at heart. Even if I gain the capacity for full 5+ gallon boils in the future, I will still probably brew small batches quite often. It seems for every beer I brew, I come up with another 2 I want to try out. I'd rather stick to small batches and brew more often.
Time is my biggest constraint when it comes to brewing, so having a small setup that lets me brew while multitasking around the house is key for me. The only reason I'm using a separate mash tun instead of straight BIAB in the boil kettle is so I don't have to tend to the temperature during the mash. Plus, for less than a $50 investment (I'm hoping), this rig will probably pay for itself by the end of the year just in savings on DME vs grain.