I ended up with a cat from sort of similar circumstances. A coworker had found a mangy kitten in their yard with sores all over and took it in to nurse it back to health. Their dog spazzed and started destroying their house so they had to give it up.
I wasn't looking for a cat and was kind of nervous about having a pet and how much hassle that would make my frequent travel, but I called the SPCA out of curiosity and they said they were about to put him down, he was sedated and ready to get the needle. I said to get him out of there, I'd take him. The lady went nuts screaming "We saved him! To her coworkers". It was pretty awesome.
I showed up and met him that night, I didn't even know what he looked like, and he turned out to be the coolest cat ever. This weekend he was hanging out with my parents 1 year old retriever with no problems and last night he was hanging out with my sisters dog. He'll even hang out with other cats no problem.
The moral of the story, if any of you are thinking about it, do it. You won't regret it.
Max:
Yup, the guy making a gay joke in the rollerblade thread has a cat..