If you are using cloth for environmental reasons, it's probably worth it. If you are using cloth to save money, it probably isn't, unless you are using prefolds and covers. If you plan on having more children, the economic advantages of cloth increase.
I used cloth exclusively for my two kids, so I like cloth diapers, but I want to give you the whole picture.
They do not last forever. You do, however, get your money's worth, especially if you are not on well water. You can get about 600 uses out of a good pocket diaper, but to set yourself up even part time will run from $100 to $300 I think.
Your choices: prefolds and covers, fitteds and covers, pockets, or all-in-ones. Prefolds are cheap (between $1 and $3 per diaper), absorbent, are decently durable, launder very well, and can be reused as all-purpose cleaning rags when they are too ratty to continue using as diapers. They are bulky though, so that new walkers and crawlers will be a bit more awkward, and you'll have to size up on pants. The sizing up isn't a big deal but if your second baby is a girl you may have to get boys' pants because girls' pants are sized so tight.
Fitteds are trimmer, slightly (unless using hemp) less absorbent than prefolds, easier to get right, and a bit more expensive (between $5 and $10 per diaper). These don't get in the way as much so it's easier for a new walker or crawler to get around.
Pockets, once assembled by putting the insert into the diaper, are the easiest escept all-in-ones to use once assembled, are as trim as fitteds, and are more expensive (between $16 and $30 per diaper, most around $18). They are slightly less absorbent than prefolds unless you replace the microfiber liner with a prefold hemp or bamboo diaper, and usually have a synthetic liner that wicks moisture away from baby's butt into the absorbent insert. They don't tend to launder as well, especially when you need to use butt cream for diaper rash. A one-size pocket will fit baby for their entire diapered life, unless they need diapers past 3 or early 4 years old for some reason.
All-in-ones are generally sized, and can be changed just like a disposable. They are great but priced like a pocket and only good for one size, so this option is for people who have a fair amount of money to invest in diapers.
Covers are between $6 and $12, generally.
There is a good tutorial on sunshinediapers.com for you to check out.
I use prefolds and covers and pockets. I'm switching from Happy Heinys to BumGenius because I prefer the BumGenius lining. The absorbency, fit, and inserts are basically the same.
Also, I recommend getting snap fittings for covers and pockets, because picking lint out of velcro attachments is a pain. And I have to do that even when I use the laundry tabs or do the twist version and stick the ends to each other.
Also, I used disposables for the first few weeks until the cord fell off. I know they make newborn covers with the cutout, but they are still bulkier than disposables and I felt that the newborn disposables were more comfortable for my babies. And it was nice to have a diaper that they could wear for more than fifteen minutes before having to change since they peed in it. You have to change cloth more often, about once per hour after 1 yr and once every 2 hours after that, at least. Before one year old I would check if they are fussy and perhaps every half hour or hour if they are not.
