I have faired with the Makita 9227 and with the Festool RO125, as well as with the longboard. I found the Makita very hard to control, created a ton of dust, and I quickly gave it up in favor of the Festool. The Festool had an integrated vacuum dust collection, and could easily switch from RO to circular sanding. It was a bit pricey, but worth it (dust collection in my garage, much more efficient at removing material than a regular RO sander).
My fairing process would constitute knocking off the flat areas and major high spots of fairing compound with the Festool, fair with the longboards, then do the final high grit finish sanding with the Festool. The main fairing job was with the longboards and lots of sweat.
That said, there was a decent article in WoodenBoat number 210, page 90 on "Fairing by Machine" which shows a Makita 9227 look-alike fitted with a custom rectangular pad which shows interesting possibilities.
Brent
L7 #4, Wild Goose
http://home.comcast.net/~ritakend/site/