I bought a 2.2kW VFD, not a far east import, cost me £175 ish, it's an Invertek, UK made, sold by Willpowerelectricalltd on ebay. I think they cost around £225 now. An affordable solution as far as I was concerned. A 4kW version costs about £380 so again affordable when compared to a 3 phase installation. The only thing to watch out for is some ( including mine) are IP 20 rated so need to be mounted in a dust etc proof cabinet. IP 66 versions are almost twice the price.
When using VFDs, for those new to the devices, you need to be aware of:-
1. The motor needs to be controlled directly by the inverter, you can not use the switchgear of the lathe or whatever. This was an issue for me with my colchester, and I ended up buying a rotary inverter for that.
2. If you slow down the speed of the motor you kay lose torque, depending on the settings of the inverter's parameters.
3. Slowing the motor also slows the cooling fan so you might cause the motor to overheat if you use a very slow speed. I was thinking about inserting a suitably placed, separately powered fan by my motor to compensate for this.
4. Unless you spend considerably more for your inverter, your motor must be dual voltage so it can be connected in delta configuration, not star, and will run on 220v.
As Farmer Giles said, you can get whole workshop solutions providing 440v output. Out of my price range though.
K