Wonderlust I have now cloth bummed two kids, so feel free to ask lots of questions.
I found I didn't save money with the first, but that was because I bought more nappies than necessary. There are lots of lovely designs to choose from and I couldn't help treating myself my baby. You can definitely do it on the cheap, esp if you buy second hand. I have many second hand nappies in my collection and they've always arrived in brilliant condition (oh except two really rough cotton little lambs from eBay).
Am definitely saving on the second kid, esp as have been selling what doesn't work for us.
If you bf, cleaning is easy. Just store in bucket until you wash. Bf poo is water soluble. Now we are on solid-ish poos, I knock the poo into the loo, then store and wash as above. I wash every 2 days. I air dry, but most nappies can be tumbled.
I'd recommend you try before you buy through a nappy library. There are quite a few that hire by post.