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HaHa!! Well we want EVERYTHING..dont we??!!!
Design Studio is a software program made by Provo craft for the Cricut, you can design images using the carts you own( well you have to own them to actually cut- even tho you can see every cart within the program).
And Gypsy is alot like DS but i think has a few more functions( i dont own one) but its main purpose is portability. HTH!
Oh- i would get 1 of the other software programs ( SCAL2 or MTC ) before DS- you can cut anything ( font or image ) from the net. Dont have to buy carts. Better deal and they are the same price as DS.
They are both tools to help you to design layouts(LOs) that can be cut with the Cricut.
The Design Studio is a computer program. It is functional with the cartridges you own. It also lets you preview cartridges you don't own, but you will not be able to cut anything until you have the cartridge. It costs less than $100, look for it on sale in various stores.
The Gypsy is a handheld tool that operates without a computer. Once you download the cartridges you own into it you can design LOs than attach it to the Cricut and cut the LOs. It also allows you to preview cartridges you don't own. It cost around $300 depending where you buy it. It first came out to the general market at the end of September.
They are both very useful with the Original Personal Cricut(Bug). Because with the LOs you can make many copies of the same thing on the 6X12 mat. You can flip a figure for example you might want two swan facing each other. You can weld thing together like letters and objects.
These are a few of the things I have done to increase the functionality of the Bug.
I read that you had just received the Bug, so I would say either one would be a good addition for the reasons I gave above.
I also recommend going on the Cricut website for the forum there and for learning more about their products.
I see that you still have to own the cartridges...at first glance I thought it was a way to get around that, lol! These people are making money!
I think I have my hands full right now with what I have for the time being. I just ordered 4 cartridges for my Cricut and that'll be enough to keep me busy!