I know I've posted about this before so I'll be brief:
I like to compare cloth diapering vs. desposible diapering to breast feeding vs. formula feeding. Cloth diapering is essentially the same thing for the same purpose, it does take a little bit more time and planning but not a lot by any means and to me the pros of it definitely outweigh any cons. Having said that, it's not for everyone.
Here's my experience:
Pros:
Huge money saver
Super cute fabric to choose from to get the adorable fluff butt
No chemicals on baby's skin means safer and less diaper rash
Very easy once you get the hang of it
For me it's been a way of life (I never though I'd be this hippy mom that I've become, but using cloth has opened me up to trying and loving a lot of other natural and "green" things in my life)
Oh yea, environmental friendly

You can recoup some of your expense by selling your diapers when you're done
Cons:
The learning curve (it takes a little bit of time and research to understand your options, what will work best for you, and the day to day how-to's of cloth diapering, but within 2 weeks or so you should start feeling like a pro)
You will need/want a few accessories to make your life easier with using cloth (diaper sprayer, wet bags, extra inserts, etc.)
Finding what's right for you *may* be trial and error at first
It does take an extra load of laundry which means a little extra time to use cloth