[PricklyPear]

Sears has a hydraulic motorcycle jack on their web site for $120. Looks like you just slide it under the motor, pump the jack, and waa laa, the whole bike is off the ground. Comes with tie downs to secure the bike.

I suppose a swingarm/fork stand might be more stable, but then you have to buy another stand to work on the front.

The advantage to a center stand is that it dosen't take up any room in your garage, and its right there 24/7 if you get a flat rear tire.

 

[Tankslapper]

The Sears jack will not work unless you make some sort of adapter for it. The exhaust is right in the way. I think that I would prefer the center stand over the fork/swingarm stand because of the reasons that you stated.

 

[ShaggyZ]

If you're just trying to work with the rear wheel, then a regular floor jack will work just fine. I put it under the rear shock and jack it up with some of the weight stabilized by the side-stand. I wish I had all the fancy pantsy bling bling equipment. I would do all sorts of stuff to my bike.