Even with my sewing mistakes/learning curve at figuring things out (I still have yards of flannel, waiting to be turned into diapers).... the answer is yes, for us. I figure that I spent about $400 on diapers, plus about 2 cents per change on diaper by using flushable diaper liners. However, we started when our baby was 6 weeks old, and have kept going with it.
I think that the savings really multiply when you use them for more than 1 child, though. If you're just starting now, and are planning to have more than 1 kid and use cloth diapers on the next one, you'll definitely see savings.
To maximize your savings, buy used (myuseddiapers.com; diaperswappers.com; visit garage sale; check with 2nd hand children's/baby's clothing stores). Post on Freecycle, ask your family/friends to be on the look out for diapers. Sign up for some of the brand manufacturer's email newsletters--they sometimes offer 2nds for reduced prices; Kissaluvs is one that offers 2nds pretty regularly. ProRaps offer diaper cover seconds, and we use those. Also, if your family is supportive, ask for cloth diapers for his Christmas or birthday presents (or for you Christmas or b-day presents... :)
If you like fitted diapers, For really good savings, consider sewing fitteds yourself (there are several free patterns out there in cyber space; we used Mama Bird); you can buy flannel on sale at Joann's or wherever, along with velcro, elastic & thread. I am not a sewer but once I got on basic speaking terms with my sewing machine (a long neglected present), I, a non-sewer, was able to follow a basic pattern and sew up 12 fitteds for our little guy (for DH to use). You can also buy kits, which have all the stuff cut out and laid out for you just need to sew it together (for fitteds or AIO or pockets) from www.diaperkits.com.
If you really want to go economical, buy prefolds. They will last forever, and are generally easier to size than the fitteds, and are pretty much the least expensive options for cloth diapers. Folding always you to change the fit for prefolds, and it's really not hard; for directions on that try http://diaperpages.com/pf_folds.php.
I think the Diaper Pin website might have a cost calculator to help you figure out the costs of cloth vs. disposables. For us, I figured that with 1 child, we are saving $750 to $1000 over the course of his diapering...