It depends on how particular your palate is really. If you're lucky enough to have had great espresso, you're not going to be happy with this method. It's really hard to get good crema from a stove top maker. It's hard to get the proper and consistent pressure needed with them. And the espresso maker is only half of the game. You NEED a great grinder if you want good results. Good home espresso isn't an inexpensive hobby but overall if you're a heavy drinker, it can save you money. Good beans can be had from Vivace in Seattle, Intelligensia in Chicago and Barefoot in the Bay Area among others. For a good entry-level to the high end home machines, plan on spending $500-$800 for a setup. Pricey, but many people spend $3 a day which is around $1000 a year.

I agree with egoh. The result of the stove top method doesn't quite cut it as espresso, it's more like a rich coffee. I like the taste is better than regular coffee. Although I have an espresso maker and grinder, I use my stove top pot often. It is easy to use and easy to clean afterwards. The classic sacrifice of taste for convenience.