Trying cupcake and frosting recipes from Vegan Cupcakes Take Over The World has convinced me that I need some sort of electric mixing/beating device. But what? A stand mixer is out--I'm not willing to devote that kind of counter space for that. I've heard wonderful things about immersion blenders, but i don't know if they can fluff things the way a handheld mixer can. If the mixer is the only way to fluffy buttercreams, I'll go for that, but since I'd be unlikely to use it for anything else, I'd prefer the immersion blender if it will do the trick.
Either way, I'd also love brand recommendations (or things to avoid) and features to watch for.
UPDATE: Thanks, everyone, for the advice! I have a Braun Multiquick on the way. Expect ecstatic posts about cupcakes, soups, smoothies, and more in the near future.