I've used this off and on since 1999.
There are many techniques and technologies for rapid prototyping and 3D printing - each which its advantages and disadvantages.
My favourites are FDM machines like those from Dimension (
www.dimensionprinting.com). They tend to use ABS plastics which are very strong and allow for some pretty amazing things. Working springs, gears and some impossible to manufacture shapes to name a few. Full disclosure - we have one in the office - but they won't let me play with it.
Typically they (dimension printers) range from 15,000 (desktop) to 35,000 USD (topline - high rez) - the ZCorp printers make very detailed parts, but they're fragile (unless you dip them in what is essentially super-glue) and expensive (50K or more for a ZCorp machine). But there are some DYI kits - like the MakerBot and RepRap.
And yes - the MakerBot is on my wish list. It will be mine.

Wonderalex