Kegging equipment only consists of a 5gal cornelius keg and the CO2 bottle. Fits nicely into the back corner of an average to small size fridge. Once I started kegging I was done with bottling for good. Takes up a lot less storage space than all those bottles, too.
Bottling used to take me half a day to sanitize, fill, cap, and then clean up everything. And then you have to wait a few more weeks (again) before it's ready to drink. Filling a keg takes a couple of minutes, and then the beer is ready to drink within a day or two. I'm all for taking my time and letting the yeast do its work during the primary and secondary fermenting stages, but once it's done I'm ready to drink it!
![Grin ;D](http://forums.sohc4.net/Smileys/default/grin.gif)
All-grain equipment does take up a decent amount of more storage space. The equipment I have (on the cheaper end of the scale) is two 5gal, round, insulated beverage coolers. One has a false bottom for mashing and lautering. And then you also have to have a 7gal stock pot for boiling.
All this brewing talk is really making me want to dust off the equipment and get another batch or two going!