My ghetto system works for me.
My mash tun was about $40, plus $20 for the fittings. I got a 10 gallon igloo cooler, which holds enough grain for high OG 5 gallon batch, or a reasonably high OG (about 1.070, IIRC) 10 gallon batch, which is all I usually want: my Dogfish Head 60 has about 30lb of grain. I mash at 1 qt/lb, and get 2 buckets each with about 5.5 gallons of 1.071 wort.
I got my 15 gallon pot for about $60 from a restaurant supply store. I do 10 gallon batches - takes just as much time as 5, and all you need extra is another bucket. I do recommend doing this!
Propane burner I got on CL for $30 (the pot it came with I use for heating the sparge water).
I have been using it for most of this year, and have no immediate plans to upgrade. A sculpture would be nice, but I cannot justify the cost/time to make it right now.
I brew outside, and have room in the garage to store all the crap. Keeps the kitchen clean, which is a big plus for the wife!
If you are on a budget, this is a good way to go, I think. You might want to add a barley crusher, but I have my LHBS crush my grain. I routinely get around 75% efficiency.