Product review (5 stars): Great hood for the price
This hood has the combination of features we were looking for.  It ships as ductless, with punch-outs on the top and back that will allow you to convert to ducted installation.  It has two light levels and a variable rotary speed control.  To get all of this, including shipping, for under $100 in stainless steel is quite a good deal.  It is made in USA, and the quality is very good.  Even at its highest speed, it is not overly loud.  Its noise rating at 200cfm is lower than any other fan I researched between 160 and 190cfm.

The product description says you need to install the RF-34 charcoal filter to "convert" it to ductless operation.  I went ahead and paid the $10 (including shipping) for the filter.  It rests between the metal grease filter and the fan.  It has no other function than to remove odors, so you could probably do without it.

Installation was straightforward.  It operates very well and looks very good.  It shipped quickly and was packaged adequately.  I would have paid close to $200 for something similar at my local home improvement store, and even then it would have been manufactured in China.  I definitely recommend this product, and recommend purchasing it from Amazon.