As for option #1
The Olympic lifts inside a power rack - especially the snatch and the jerk - are quite dangerous. A missed lift can easily bounce off the rack right back into the lifter. A wide grip snatch inside a power rack is an invitation to crush some fingers.
My experience has been the same as Aimee and Jamie - the power rack is more versatile but I used it outside the rack much more than inside. Jamie's setup is great if you have the space and if it's tall enough you get a good place to do chinups.