@Lando: Startup cost is a bit steep. It was about 250 to get all the gear, but we went for quality stuff, bells and whistles on a few items. We split the cost between 8 guys though, so it wasnt too bad. Now a batch (5 gallons) costs us about $50. We are supposed to meet for a 3rd bottle and brew get together in about a week. Other than waiting for the fermentation, it really isn't much of a commitment. You spend about 3-5 hours brewing the beer (heating 5 gallons of water is what takes so long), and then wait, transfer the beer for another round of fermentation, wait, then bottle.
I really recommend finding some friends to do it with. Brewing, while sitting around talking about beer and drinking some that you made yourself is a pretty great time. Also, once you get going, the group can run private batches. The only equipment that is in near constant use is the big 5 gallon fermenting jugs. If you get several of those, you can be running batches till you run out of space.