Matt, Standard R8 collets dirct in the nose work OK.
This is what I use 90% of the time and I'm not renown for hanging about piddling with a few thou. 
They will hold plain shank and theaded shank.
Where the ER's score is the fact a collet has a closing range of 1mm and a lot of modern solid carbide cutter have a shank diameter equal to the working diameter so a 5mm cutter will have a 5mm shank.
Ok in an R8 if you have a 5mm collets which are easily available but something like a Clarkson or Posilock are limited to factory made collets in fixed sizes like 6mm, then 10m then 12mm etc.