I recently finished off 1300 SF of 48 year old red oak floors. Lots of damage here and there, especially water-caused problems. I rented a drum sander for the big expanses, and bought this model for closets, edges, and "tight" areas.

Excellent, excellent tool. Really powerful, too, so you have to maintain a firm grip. I have four Makita small power tools, including a pad sander, jigsaw, and cordless drill. Makita is my favorite brand for smaller power tools (I'm a Milwaukee guy on the bigger ones).