I love my cloth diapers. I started out using just prefolds and pins and covers and loved it. That is all I used for my first child. I have picked up a few more things by now (baby number 3), but still use some of those first ones. There are a lot of options, but if you go to diaperswapper or hyena cart there are people who are willing to sell their used diapers for the cost of shipping just to help someone start cloth diapering. If I was looking to limit cost I would look at econobum http://www.bananapeelsdiapers.com/catalog.php?item=1537 which looks easy and is rather cheap and size-changeable. I don't know anyone who uses a wet pail anymore, so it shouldn't be too rough on your back, or some people just use their washing machine as their pail and never have to move the diapers. If you have any questions or want to know more, feel free to ask me, I do love my cloth diapers, and not only are they cheaper (especially if you have more than one kid), but they really are better for the baby. There is a lot out there, and you can spend a lot on totally cute cool diapers, but you can also save a lot buying used and/or going the prefold/cover route.
by the way, I started out using gerber prefolds and plastic covers, and quickly switched to indian cotton or dsq prefolds and velcro covers (I like bummis), and there is a HUGE difference and not a big difference in price. Don't waste your money on gerber, they don't hold anything and are hard to use.
K.