I have never had a desire to do extract. Its expensive and a bit of a cop out. I dont mean to insult any elses brewing method, its just that its not as difficult as some make it out to be. And jhudson, as far as being concerned about space, I can do 5 gallon batches with my setup and everything I have fits in the corner of my bedroom (I guess we all know that means yes, I am single 
I gathered equipment over the course of three months, acquiring it when I could find it for free or cheap. My first batch was all grain, it wasnt great, but we that didnt stop us from drinking up, and I learned a great deal from it. I like 2 row pale as a base malt; it converts easily, and is pretty versatile in that you can incorporate it as a base for a variety of styles.