I'll share my experience first.
I've started 3d printing a bit more than one year ago
My printer is a prusa-mendel i2 (
http://reprap.org/wiki/Prusa_Mendel_%28iteration_2%29 ), the extruder is a wade geared extruder and the hot-end is a plastic j-head, only partially cooled. Right now, they work in direct feed configuration (meaning that the extruder, which is the part that pushes the filament into the hotend, is directly above the hot end and moves with the carriage) but now that my hotend broke I'm switching to a bowden style (the extruder is fixed and pushes the filament in the hot end by guiding it with a bowden tube).
For the electronics, it's a ramps kit (1.4 I think) with a big screen (there are versions with 2 lines screen, but the big one was just $10 more and it's totally worth in my opinion), the motor drivers are based on the Allegro A4988 and they're not cooled (no fins, no fans). The base board is a standard arduino mega 2560, branded sainsmart. Power comes from a 500w pc psu, which barely does its job and should be replaced with a decent 12V power supply.
The only other electronic parts are the motors (generic nema 17, bought along with the rest of the electronics), two fans (one partially cools the and the part, the other is supposed to cool the part but none of them work very well since I am too lazy to do it properly), the heater units (a 40w resistor for the hotend, a 120w heated bed), two 100kohm thermistors to read bed and hotend temperature, and the endstops, which are mechanical based on makerbot design.
The frame is made out of m8 threaded rods and plastic parts, it uses 8mm smooth stainless steel guides for the carriages.
Firmaware is a marlin, I don't recall the version.
I suppose that's enough boring informations.
I print mainly with pla, because I work in my room which is small and poorly ventilated and ABS smells like death, if you have ever burned some electronic appliance you know the smell I'm talking about. It doesn't smell that bad, but it's pretty close.
The smallest part I've ever printed is probably a 7t 1.25mm pitch (iirc) gear, done using a 0.5mm nozzle, which worked, but it was a pretty poor print. (pic related the gear mounted, on a 2mm shaft).
The biggest part I've printed is a big cilinder, part of a frame, it wasn't really hard to print but was hard to fit in the 20x20 cm^2 buildplate.
The longest print I've made is a 10x10 cm^2 hollow cube with 5mm thick walls, which took 7h to print, not having a battery pack I was pretty tense because if the power goes out you can say goodnight to all your plastic.
You can actually recycle the plastic at home, but I still haven't tried it, despite having quite some scrap plastic saved up by now.
Speaking about slicing softwares (the program that create the path for the printer head), I've used slic3r and Cura. Both have pros and cons, I like cura because it's easy (well, before the version 16) but slic3r gives you far more control and it's a good thing on tricky prints. But it also requires more skill, which I lack for the most part.
Right now my jhead is broken, I can still print but it leaks plastic and it's not nice, but hopefully it shouldn't catch fire.