PM doesn't necessarily cost anything extra in terms of equipment (although I'd recommend buying a cooler to use as a mash tun). As far as taste goes, it depends on your process. I have generally preferred my PM beers over my extract-only batches, but it's no night-and-day difference for many beer styles, especially when the grains make up less than half of the total fermentables.
I PM simply because I enjoy the process, it's a little cheaper, and it allows for more customization of the final product.