I'm not the author, but I've etched my own boards. My graduate thesis project contained a couple dozen homebrew boards by the time all was said and done.
I used a photo-resist process based on transparencies that I made in the department Xerox machine.
The biggest improvement in moving to real manufactured boards was plated-through holes. For that reason alone, I wouldn't go back. Not only are boards easier to route with PTH's, but they are also more robust -- it's harder to lift a pad off the board when removing a component.
Solder mask is a boon as well, especially for surface mount.