Hi Gambler:
I have worked out regularly both at home and in the gym and know all the pros and cons of both.
Pros of Home Gym:
1. Accessability. You can work out anytime you want and don't have to leave home. Also, resistance training is a "solo sport" and really you should compete against your own goals so getting into the gym scene right away gives you a bad perspective.
2. Equipment is good nowadays and really I think you get what your paying for with a 1-2k home system or just a good high quality flat bench with hi and low adjustments and a heavy duty olympic set.
3. Time Savings. I think you can save at LEAST 45minutes a workout working at home because of commute time, etc. Also if you work out hard you should shower afterwards if you are going to be in public but a lot of guys/gals (myself included sometimes) just leave and go to work and may stink even if you put on lots of deoderant/aftershave and clean clothes.
4. No HORRIBLE gym music. Gym music is the worst, IMO. There are gyms that play CD's that are in tune with powerlifting or bodybuilding but they are rare. The music is geared towards the gang wanna-be that walks in and joins up then comes back 3-4 times a month. I once went to a gym that didn't play music...it was $102 a month in a really high end area but it was worth it.
Cons of Home gym (also pros of professional gym):
1. Again, you save a little time in your workout working at the GYM because of changing dumbells and whatnot. It is probably only 10 minutes for a 2hr workout though.
2. Motivation. Here going to the gym can keep you competitive and motivated to get strong and stay on your goals. Personally I think you meet a lot of great people at the gym that can teach you a lot about fitness and life.
3. Training partners. Again, training partners are easy to find at the gym. You can find someone about at your level and intensity and pull each other along.
4. Consistency. Again, being consistent can sometimes come from the gym atmosphere. Others there know you and watch you and vice-versa so you should be able to keep in pace with them and yourself.
5. The ONE exercise I find you cannot get at home is the leg press, unless you want to shell out 1200 for a decent hip sled.
This all said I really enjoy working out at home and at the gym. My wieghts are in my carport so I have a nice garden there off the carport and being SoCal its always nice out, even when its raining. I have a BODYSOLID system, I think I paid 1400 in '99 and it is fine. I also have the full olympic collared long bars and dumbells, with about 400lbs of wheels. My only advice though would be don't buy junk. Buy heavy duty stuff, like you see in the gym. If you can't afford 1500-2500 to get set up, just buy a 200 dollar bench and some weights and save up.