I knew about babywearing before DS was born but didn't really get into it until he got older. This time around I'm really looking forward to wrapping a newborn and figure learning to nurse in a carrier will be a must, just so I can keep up with DS.
I started out with a home-made stretchy wrap made from jersey, just like a pp suggested. I found DS outgrew it quickly though and stopped using it before he hit 20lbs
From there I moved on to ring slings. Made my first one, have since bought two others (I keep one in the car at all times for quick errands) and gave away my first. If you're looking for an economical ring slings, I highly recommend Sleeping Baby Productions. You can get a great basic sling there for as little as $32 right now. (I got a Tencel one from her and love it.)
Then DS got heavier and I moved on to a BabyHawk MeiTai for double-shoulder support. I'd try an Ergo periodically, thinking I should like it, but it never worked for us. Even at 37lbs I still wear DS in the MT when needed (like last week when he was sick).
That said, I tried the Ergo again when I started providing dayhome care to a huge 18mo. and I love it for him. The boys just have totally different body types... I still hate the Ergo for my son, and vice versa, the MeiTai does not work for the 18mo.
Somewhere between those two I also bought a solerveil Connecta which unfortunately hasn't seen a lot of use. I'll keep it for this coming summer to try with the baby, but if it still isn't getting used I'll probably sell it.
This time around I've brought a Wrapsody Bali stretch. It's actually a Hybrid wrap, in that it's stretchy in one direction only, so cuddly for newborns but still useable up to 35lbs, and good for back carries (public service reminder: NEVER do back carries with a stretchy wrap!!!). So it should keep us awhile.
But...I also splurged on a locally made woven wrap. It's a bit crunchy at the moment, but I have time to soften it up a bit before I'll really be using it.
One other big purchase this time around has been a Kindercoat. Very pricey, but I figured I'd need a new winter jacket this year anyway (what with being humungo pregnant in Jan/Feb in this part of the world lol) and I got some $ for my birthday in October that paid for a good chunk of it. I just really don't want to be stuck indoors with a newborn and a 3.5yo any more than I have to be!
Quote:
A little easy to go crazy on babywearing
Yes. Yes, it is. 
Follow Mothering