I use variation quite a bit (I sell bandsaw blades by the inch) instead of personalization. Once you get an excel sheet set up correctly changes go by very quickly. I have about 50 different bandsaw blades products, but they have over 100,000 variations, took only about a day. The hardest part was to add pictures. If I have to make any changes like prices, I probably could change them (without using the mass price adjuster tool) about 5 minutes per product. An example can be seen here:
http://www.spectrumsupply.com/woodmasterc.aspxThe hardest part is setting up the excel sheet to your specs. I probably spent a half of a day just to figure out how to do it more efficiently (I even started over again on a price sheet because I found a better way)
Have you tried the personalization template? I use personalization on only one product, and it seems fine for me.