We broke in our fryer with donuts. And they were yummy. I made a very simple recipe that I won't post the link for. The measurements are all in ounces, which is very annoying, and I ended up changing it pretty drastically by the end. But it still worked.
The dough was rolled into small balls, then fried for 2-3 minutes. Just as in the description in Farmer Boy, the donuts really do flip over when one side is done cooking. Watching them sizzle was really cool. The amazing part was that they came out of the fryer almost dry. There was no big grease stain on the towel after we let them sit. I don't know why that is, but it sure doesn't speak well for McDonald's fries.
We rolled half of them in cinnamon/sugar mixture, and I attempted to glaze the other half. I need a little more practice in donut glazing, but I'm sure the kids won't mind.
They tasted amazing. They were not Krispy Kreme's, they were much more home-made tasting, and it was an improvement. They had a weight to them that made you not want to inhale the entire plate, which seems like a pro rather than a con. But they weren't heavy-gross, either (which is how I generally view cake donuts, though others in my house disagree.) That said, the plate was gone in about 2 minutes, and the kids begged for more.
After a maiden run, I think that was $5 well spent! Next on the list: coconut shrimp, chocolate glazed donuts, and cannoli!