I have an 8kw dyna-winco standby unit that I installed. It is not big enough to power an ac or heat pump, but I made that decision to save $. It covers everything else - 5 fridges, well pump, blower for propane furnace, plenty of lights, etc. So you decide on how big you want it.
Couple of comments:
1) If you have a buried propane tank as I do, then propane makes a lot of sense.
2) The automatic standby unit is a whole lot easier and practical (comes on in the middle of the night, works if you're not home, easier for the wife, etc.)
3)I prefer a separate automatic transfer switch and new subpanel. This way you're not limited by the number of circuits (6, 8, 12) that guardian provides. Bear in mind, however, that a good transfer switch will not be cheap.
I did the entire installation myself except for the propane hookup. Everything was flawless and has worked great!
Tom