Like everyone said, it depends on the what you are trying to do, Where you get your wood and how much wood you intend to produce. I disagree with not having a dump trailer. Facts are facts, if you load wood on a trailer, you have to unload it. Now you can either unload the wood by hand, or you can raise the dump and let it fall on the ground. Either way, you will still have to stage the wood for splitting. I wouldnt trade my 6x10 dump for a regular trailer, no way no how. Heck, I can throw the wood out of the dump just like a regular trailer if I feel the need to do the extra work. With that said, I would like a little upgrade to my dump. Mostly in the form of a winch mounted on a boom. I would much rather load whole logs than short rounds to load out a trailer. A boom mounted on the tongue of the trailer would allow me to pull small logs out of the woods and load without doing the back breaking work of toteing one round at a time. I usually load log lengths on the trailer and dump them off at home near my wood pile. Buck and split as I just pull my splitter alongside the wood pile.
Few people have there own patch of woods that they can cut wood off of year after year. this means you will at some point have to drive somewhere to cut or scrounge. I dont know about everyone else, but I find hauling trailer loads of equipment on site to be time consuming and expensive. This is where a trailer with a boom and or a winch can make getting that one tree that isnt worth the effort to make two trips to haul equipment and wood back and forth from your wood lot. You can log a lot of wood with a small tractor and a chain, done it for years, but you still have to load the wood on a truck or trailer. Dang, that boom and winch on a dump trailer is starting to look even better. I am just thinking out loud and passing along my thoughts, doesnt mean I am right, but I can see my dump trailer getting a upgrade pretty soon. I have the boom and just traded up a 8000lb hyd winch. So ask me next year how it works out.
I also meant to say, get you a 4way wedge to go on that splitter. Preferably a adjustable 4way. that alone will about double production