The biggest problem with PVC pipe for vacuuming is static electricity. The air rushing through generates tremendous static, which makes dust cling to the pipes like crazy; our old shop had PVC pipe for the shop vacuum, and it was always covered with the very dust we were trying to control! Regular shop vacs suffer from the same problem; I'm gonna try some kind of grounding wire scheme. If you decide on PVC you should run a grounding wire along the whole length of it. Or just use galvanized duct pipe. Comes in similar sizes, lots of fittings available, and is lightweight. Some of the seams may leak compared with solvent-bonded PVC, but that's what duct tape is for. And those handy swivel-elbow dealies are great for making oddball bends and corners.
My plan is to make a 'standard' connection at each of the dust-generating tools, so I can hook up the shop vac directly. I don't have room (or $$) for a centralized unit right now, but I have a couple good-size vacs. I wouldn't bother hooking up the vac for one cut or a little minor sanding, but if I was cutting/sanding any MDF I'd use it; that stuff makes THE WORST dust!
Our big central shop system had a 'gate valve' at each machine, so you could shut off the flow to the unused machines to increase suction at the one in use. Plus another handy thing was a built-in 'dustpan' where you could sweep floor dust over to a wide flat nozzle mounted on the baseboard at floor level, and it would **** up all the debris. Beats stooping with a dustpan.
c.