Well, I'm all set up with Woocommerce now, and everything is running fine as I need it.
There are still a few niggles with Woocommerce - it doesn't feel like a mature platform yet, more an advanced beta. The main flaw is the stock management process, specifically dealing with "cost", which is still not built into Woocommerce by default. However, it's easy to create a custom field in the WP-admin section to apply to all products and enter the value there.
The downside with that method is that I have to set up all products as "grouped" (the equivalent of Magento "configurable") - when Woocommerce provides an extremely simple "variable" option where you simply add product variations by SKU, attribute, and stock level to an existing product - how Magento should have done it - but you can't apply different "cost" levels here.
There are also a few issues with "hidden" products still being displayed in templates or used in the Google feed.
However, these are issues I figure will be resolved as it grows.
Also, because it's Wordpress, it's damn easy to tweak most everything, and when I have had to post in their support forum, answers have come relatively quickly (as opposed to the Magento forums where no one really seems to know how to do anything).
Hopefully Woocommerce will mature into a more comprehensive platform on issues such as cost, but the variety of extensions take up much of the slack of additional functionality.
Another pointer is that it would be quite easy to set up multiple shops with different products for keyword URLs using Woocommerce, or else clones just using the export/import feature.
Frankly, I would have paid real money for Woocommerce, and at present, cannot think of a single reason for using Magento unless you want to employ a team of developers to do all the work for you. Magento may be "free" but I've already wasted a lot of time and money trying to work with it, and "open source" just makes it feel like OSCommerce - all the complications (ie, templates) but with even less usability for the store admin.