Hi E.!
I wouldn't use one of the old hand crank food grinders, if that's what you mean. I am BIG on cooking, so I already had a Cuisinart, but if you don't have a food processor I would suggest a small one so that it's less to manage and clean up. The best one is the Cuisinart Mini-prep, which is about $30 at Best Buy:
http://www.bestbuy.com/site/olspage.jsp?skuId=5528137&...
You DO NOT want to go cheap on these things, because when you use them a lot it's really easy to burn out the motor. Cuisinarts are high quality, but also have a good warranty if something screwy happens!
As for references, I used the book Mommy Made (and Daddy too!), which I still use for my toddler as well as my second son:
http://www.amazon.com/Mommy-Made-Daddy-Too-Revised/dp/055...
I found this an invaluable reference with my first son, especially because it covers how and when to introduce each food. With all the childhood allergies around, you can't be too careful! While there's a lot of information you might already know, I for one certainly didn't have a clue on pureeing meats or making my own rice cereal. There is other good information as well, such as a discussion about root vegetables and nitrates. I make a bunch of purees on Saturday during nap time and freeze them in ice cube trays. Then I just pop out a couple of cubes and defrost them in the microwave... super simple! There are also toddler recipes, which we now use with my older son.
We also have Jessica Seinfeld's book (Deceptively Delicious), which is geared towards toddlers and older, but all revolves around pureed veggies. So, you can just feed the baby straight purees for a while and then you have a book for when the baby gets older. Even though Seinfeld's book involves "hiding" veggies, you should still always offer fresh veggies!!
As far as pros and cons, the only real con is portability and we solved that by getting good sealable bowls for when we're out and about and jarred (Earth's Best) or frozen (happybaby is the best!! http://www.happybabyfood.com/OurMenu.html) when we go far from home. The pros are many and most have already been mentioned by other moms, but I will say that watching my toddler eat with other kids has really driven home how important this stuff is. He eats every fruit in existence, lots of raw veggies, LOVES grilled veggies with nothing but salt/pepper and olive oil on them, and eats stuff like grilled salmon that toddlers supposedly don't like! Also I know what he's eating because I made it myself!