All-Grain for me.
I've never actually tried Extract brewing, but just went straight for AG. The reason for this was not really as much a matter of whether it'd be better (although I do believe it is) but more that for me, the reason for brewing in the first place has as much to do with wanting to go through the process as with actually seeing the beer done.
I'm a newbie, really - I've only got three brews behind me, but honestly, about AG - it is just not as difficult as a lot of people make it sound. I can understand the "excuse" of not having the time. It *does* take an entire day to do an AG, but the complexities are not overwhelming in my opinion.
As for what equipment costs . . . Well, you know, there are a lot who claim that you have to go all the way and spend a lot of money before you can brew good beer on AG, but my set-up is very simple indeed and it's the same set-up as I know homebrewers have brewed medal-winning beers on.
My own beer is excellent - sorry for the bragging, but it is!

Much better than most beer I've bought, and I really do seek out the good stuff. SWMBO and myself have tried about 150 different bottled beers over the last year and a good number at our local pub, which always has 270+ different beers.
As for malt, I haven't tried that much, but so far I am very fond of:
Maris Otter Pale Malt
Caramel Red and Amber
Wheat Malt
Munich
Smoked Malt (though in small doses).
Cheers,
Jens-Kristian