I've been watching this thread develop with some amusement, then found that I started talking to myself in response. Here goes...
I throw verbal darts at another_jim for the simple fact that he has expressed several thoughts regarding home roasting that I have formed on my own; he just does it a few years sooner and much more succinctly than I would. Case in point,
home roasting is like cooking.
You can cook at home for cheap. Hell, microwave oatmeal is cheap and filling. Might even make something edible the first few times, but you sure as hell won't make anything remotely resembling Michelin star-quality food without putting in the time to learn about the raw ingredients, technique and
your equipment.
The state of greens availability to consumers is like having access to seriously good, high-end meat and produce, but for 1/3 the cost. It's like getting UDSA Prime steak at less than Choice prices. Artisan roasters are getting this great raw material and putting out seriously good roasts. This is Michelin star-worthy cuisine here, folks. If you put the time in, you can do it too.
I cook a lot and enjoy it. I explore new recipes, new techniques, new flavors and wear a big fat smile on my face the whole time. Never do I delude myself into thinking that all of my exploration is saving money.
HOWEVER, the experience and training that I have gained through years of burnt mistakes, under- or overcooked messes and horrendously clashing flavor and texture combinations enables me to shop frugally, buying cheap cuts of meat, fresh produce and grains, and make a tasty, nutritious and cost-effective meal
IF I SO DESIRE. I can also take it 180°, splurge on high end ingredients and make a kick-ass 6, 8 or 10 course tasting menu with my pots, pans, stove and oven that will leave the kitchen looking like a hurricane tore through it. I also go out to eat. Dingy-looking Vietnamese joints that have amazing pho, smoky bbq storefronts with bulletproof glass (and the best rib tips in the city), molecular-gastronomy fine dining, great cocktails at hushed-voice speakeasies; I calibrate my palate.
I could have spent all of this time working in my chosen field and making a lot more money, but it would not have the same effect on my life; I would not experience that same thrill of accomplishment, that same dejection of failure, that burning desire to
do. it. again. better, next time.. But it's not cheap. I believe that the correct term is
opportunity cost. What is my time worth, and how do I value it?
What is your goal?
If your goal is cost-effectiveness, by all means you COULD home roast and it'll be cheaper. Will your home roasts taste as good as the pros, and as often? I highly doubt it. You could buy some brown rice, tofu and fresh vegetables and try to cook it without any training, without reading, and without trying a decent stir-fry at the local Asian joint, but it won't taste the same. It'll barely be close. You'll be lucky if you can make the rice without burning it or turning it into a gloppy mess, but it'll sure be cheaper per serving and if you don't know what the real thing tastes like, you might think it's pretty good. Well, heads up. You ain't no Ming Tsai. Or Ken Hom. Or even Martin Yan (dude's got chops, regardless of how cheesy his PBS shows might appear). Chen Kenichi wouldn't blow his nose at you.
If your goal is to explore and produce great coffee and really dive off the deep end, by all means you SHOULD home roast. It won't be cheap because you'll burn through a LOT of coffee as you learn the process, become familiar with your equipment, and spend an inordinate amount of time buried in learning about different coffee varietals, processing methods, shipping and storage methods and how ALL OF THESE THINGS play into your roasting decisions. As you internalize these lessons, your roasts will start to taste better, and consistently so. You'll learn how to recognize different roast faults and more importantly, how to avoid them. You'll learn how to compensate for different moisture levels in different beans, how to account for beans grown at different altitudes. You'll learn. This is what the pros do. Day in, day out. This is the level of coffee knowledge that a roaster, home or professional, develops by virtue of pursuing their passion.
I home roast to pursue my passion for coffee. I want to learn. I want to know more, do more, taste more. I want to taste what the pros are roasting, buy it green and test it against my own. I've done it with George Howell's Daterra Northern Italian. That is to say, I've tried and come close, but not been able to exactly hit the mark that they do. I've done it with Metropolis' Redline (aka "Greenline").
It pisses me off that I didn't do better in this year's home roasting competition. I want to do it again next year, and place higher. Jammin - you stated that your experience was quite the opposite and that you got really good results fairly quickly. More power to you. Glad that you found something that works and tastes great. I hope you participate in next year's competition, and I hope to beat you.

I hope to place above Kupe, chang00, ecc, farmroast and Rama. I've tasted these guys' roasts. They're damn good. I want to be better.
Every time I finish roasting a batch, I learn something new. I look forward to how it's going to taste in the cup. That's a great feeling. That's my case for home roasting. Do it for the passion. Don't do it for the pocketbook.
Your dog wants espresso.
LMWDP #288