I have clothed two, and am planning on using cloth with my third. I am frugal, and I asked for diapers for my baby shower. My mother and SIL bought almost all my diapers, so I only spent a little bit, maybe an extra 100 over the course of two kids. Both my kids potty trained (including night) by 21 months.
Please don't listen to Gamma G. She hates cloth. My clothes do not sink. If you wash your diapers correctly, you should have no issues.
As to time and laundry, we bought front load washers and dryers right before we had our first child. Even with washing diapers every 1.5 days, my laundry costs were LESS.
Yes it takes some time, but if you get yourself on a system, it's no big deal . My system, after putting baby down for the night, you put the diapers in the washer. You then move them to the dryer and go to bed yourself. In the morning, you collect diapers. In fact, I make putting them in the dyer hubby's job, and sometimes he even carries them upstairs when they are done ;-)
The pros of cloth:
1. early potty training
2. you change them more often, so their skin doesn't get irritated. In fact, I get so upset when I see babies sitting in diapers carrying 2-4 pees. To save money, poor babies have to sit in their own filth. With cloth, you just change them with no worries about cost.
3. they don't smell like awful chemicals --have you ever been close to a baby with a dirty disposable diaper, they smell like chemicals!
If you do plan on having more children,. you will save a small fortune by using cloth. I figure I will diaper three kids for less than 500 when all is said and done.
My one major complaint with cloth, however, is night time. Roughly from 9 months till night trained, my kids do wear disposables at night. It's much easier than trying to get a system working at night time. To really contain night pees, you need expensive wool, etc. and I figured it was cheaper to super coupon and use 1 disposable at night.
Also, be careful about using disposables while traveling with a newborn! You don't get blow outs with cloth. In fact, I learned my lesson with my first when she was 4 weeks old and I was on the train: it's easier to just use cloth, because a blow out with a disposable left me and all my clothes and her clothes covered in poop!
My last pro of using cloth is all the waste you won't be producing. In fact, after using cloth diapers, I turned my house into a paperless household. It's amazing how much money we have saved by using cloth napkins, bar towels, etc. It isn't much more work or time, I just throw it all in the wash after dinner and head off to bed. It's not that big of a deal, and I'm saving lots of money and the environment at the same time.