I brewed my first beer in 1981. The MOST important thing I've learned over the years is there are almost unlimited ways to make great beer, from extract boils on the stove to slick 3 vessel electronic HERMS systems. Too often people get religion for the system they select; reality is there are positives and negatives in all choices, it's more a matter of what you value most (for the moment).
In recent times, I moved from batch sparging using multiple gas burners to an electric HERMS system. Selecting a new, bigger boil pot, PID controlled elements and flexible connections allows me now to do extract, BIAB, batch sparge or full HERMS.
*** Oops! Sorry for reviving an old thread - I must have been doing a search.
In terms of efficiency/cost of ingredients(for big beers), it's HERMS>batch>BIAB>extract.
Equipment cost follows the same pattern.
In terms of time (and also space) it's extract<BIAB<batch<HERMS
Of course there are exceptions, but all things equal(when does that happen
), these rankings are generally true.
There are limits to what you can brew with extract and very few limits even with pure BIAB and no limits that I've found with Batch or HERMS. BIAB by default has a thin mash, and efficiency goes down on a big grain bill. I brew a bunch of high alcohol, complex beers and buy grain in bulk so batch or HERMS are what I use most often.
Chose what's right for your values, space or budget and brew great beer!