First off, I'm not currently reloading, like you I'm still at the investigation stage. Fortunately I work with someone who does reload so I've been able to pick his brain.
Depending on your approach a reloading setup can run from about 300 to 1000 bucks.
However that low end price doesn't include a premium level scale so you'll have to be extremely meticulous when using a cheap balance type scale. It also doesn't include a chonograph so you won't know the actual results of what you are loading in terms of velocity produced. It'll also mean using a single stage press so you won't be cranking out reloads in volume. However, it will work and you'll be able to build 200-300 rounds a week in your spare time. One advantage to this in terms of safety is that you can visually check every single round before stuffing the bullet into the case, so if you are careful and attentive it can be slightly safer in tems of mistakes. However, just one interuption for a phone call or doorbell can result in either skipping charging a casing or double charging it.
Go for the high end and the convenience and speed goes way up. This means you have a digital electronic scale that is pretty hard to goof with. It also means that you have a chronograph so you can log the actual results of a trial batch of ammunition. Finally, you also have a progressive press that allows you to load in volume, I've been told 300 rounds per hour is quite doable. However, with a progressive press you have to be VERY meticulous with setting up the press and keep a close eye on the process as you are running. Let the powder feed run dry and you could be loading 300 rounds of squibs per hour. Goof on the powder measure and you can overcharge the same number of rounds in the same period.
Personally, if I do decide to start reloading I'll take a mid level approach. Meaning I'll spend the bucks for a good scale and chronograph so I can see the results of my loads. However, I'd start out with a single stage press and hang out a Do Not Disturb sign.
However, in my case the potential cost savings aren't nearly as good as many report. I have 2 current revolvers with ECM barrls and a third coming. I learned with prior experience shooting Blazer LRN that shooting lead in these barrels can result in SEVERE leading. I've asked for specific suggestions for lube etc. to solve this problem and not one reloader has posted his "secret" for shooting lead bullets in an ECM barrel without leading issues. Because of this the only bullets I would reload are jacketed bullets and simple FMJ's can run 15 to 24 cents each. Add in the cost of the primer and the casing and that cheap Winchester at Walmart starts to look like a bargain.
BTW, ECM barrels are now starting to replace the older broached rifling in most of S&W's revolvers. If you want to know what type of barrel you have put a penlight in the forcing cone and look at the bore. If you see rifling that is radiused without any sharp corners and a surface finish that approaches glass smooth, it's an ECM barrel. If you see sharp cut rifling and a duller surface finish, it's broached.
As for why S&W is going to the Electro Conductive Rifling, I suspect it's a combination of cost reduction and improved Quality. BTW, in manufacturing the most efficient way to reduce costs is actually by using a process that improves Quality. Every barrel that has to be scrapped due to a machining error during the broaching process costs a lot of cold hard cash. However, I also suspect a second reason for changing to the ECM barrels is that so many shooters today only shoot jacketed bullets. One look at that superb surface finish on the ECM barrels has led me to conclude that they probably produce a bit more velocity when shooting jacketed bullets. As for the effect of the ECM rifling on accuracy, as I said I have 2 revolvers with this type of barrel and both are superbly accurate revolvers.
This is in 38 spl.
Spendy though...
