I'm not a big fan of the 1/8" blades. The biggest problem I've run into is tracking. They aren't wide enough to really fit and stay in the blade guides and they're too fragile to tension as tight as I like. I run phenolic guides (Cool Block style) and bury most of the blade in them, running the thrust bearing at .030" clearance with no load. I also tension the blade at the 1/2" size blade setting (on my two Rockwell/Delta 14" saws). I haven't had any issues with the blades chewing up my cut and I haven't found much of the cutting I do to build a model requires tight radius cuts, in fact, just the opposite. Most often I'm cutting maple motor mounts, 3/32" or thicker plywood, 1/8" thick aluminum engine mounting pads, or 1/16" brass tank mounting tabs. Most of those type cuts are fairly straight. On the rare occasions where I need a tight radius or internal cut, I use the scroll saw.
I agree that a good blade is crucial, in fact, over 40 years ago when I bought my first bandsaw, I was so disappointed with the crappy cut on the factory blade (Rockwell/Delta) that I almost took it back. Fortunately, someone more experienced and knowledgeable set me up with the right blade. I still have that saw and have cut miles of wood on it. Don't underestimate the value of a good blade! Most of the ones I've seen at the box stores are like the crappy one that came with my saw. Olson makes excellent blades. I use those on my scroll saws. For the band saws, I buy 100 foot coils (Starrett and Sandvik) and silver braze my own. The silver brazed blades typically outlast the welded blades I used to buy.
A properly set up bandsaw is a joy to use and one of the most flexible tools out there. It's one of my favorite tools.