I wish I had some extract brews to compare to my AG so I "knew" for sure they were better.
For me... AG is better. I enjoy it more. The cooking analogy is a good one. I enjoy the process.
Other observations:
Recipes: I have enjoyed messing with Ed's Pale Ale and adding and subtracting and tasting to get what I want to have as my House Ale. Extract... I cannot see doing that.
Color: The Color of the AG batches are amazing to me compared to what I remember from my extract batches.
Taste: Again I have not done side by side. But when I did a Stone IPA AG. People thought it was a great beer... some people that did not know I brewed asked which IPA it was ... ie what keg did I buy
As a guy that started brewing in Oct 07 and went AG by Christmas 07 ... I would skip the PM if it were me. I agree with the why? I went from 5gal extract right to AG 10gal batches. and I am glad I spent the extra $ to be able to do 10gal. not that much more and it make the time investment worth it ..when you wind up with 10gals.
I read the how to brew, this forum, and Charlies book. to learn.
Charlies book is really good once you get your brain around what you are doing. But it is not very good at first.... as it does not provide a nice basic context for what you are trying to do.
I went the cooler (10 gal drink cooler) route. 2 of them .. and I use one as a HLT and the other as a mash. and I popped for the the false bottom and a sparge arm - both are more $ and not really needed.. but I liked it... I like the sparge arm for fly sparging. personally .. not for all the "it is better" reason... I just get the idea and do not mind the time.
In general....it is going to cost you $ ... I spent like 400-500 extra to get to AG but I got a barley crusher and such... and I think in about a year or 2 I might MIGHT! have save $ in bulk grain purchase to gather that $ back... but for me it is my hobby and I wanted to do it... so if you got the space and the time and the $.. DO IT!