Best of luck to you!  It's a blast.  I have been archery hunting on and off for about 15+ years, and have yet to kill anything.  Darn frustrating sport, I tell ya!!!

It will have you hooked for sure.

Be ready for sticker shock on bows.  Bows and the whole set up is a lot like rifles, the sky is the limit on price.  The best thing to do is figure what your budget is going to be.  You can pick up a nice set up for as little as a few hundred dollars or you can go to the top of the line and spend thousands.  My best advise is to go to a bow pro shop and take a look at what they have and what kind of services they provide to you if you buy a bow from them.  If you are a do it yourself type of person along with your friends you can check out Cabela's or Bass Pro and see just what you can get from them.  The big thing is don't get caught up in all the new gimmicks and think that you need to buy a new bow set up every couple of years like a lot of hunters do.  My bow that I am hunting with is 20 years old and I am still shooting the same carbon arrows and broad heads that I purchased at the same time.  I will admit that it is time for some new arrows since I am down to only 6 right now out of the 2 dozen that I bought but that is all that I need to buy in the next couple of years. 

Congrats on making the leap into archery hunting..it is a blast.  Can be very exoensive to get started and unlike guns there is always new stuff and new technology coming out every year, so it can be tought if you want to keep up with the Jones.  With that said you definetly do not need to buy new equipment every year.  I have a bow that was made in 2009 and it still shoots greata dn even though I would like a new one it is very hard to leave it behind when it shoots so well.  There are so many different makers of accesories out there it is so hard to pick from.  From experince I can tell you that a most bow shops are gonna carry they products that they like and have had the best experince with.  Does not mean there is something better out there, they just carry what has worked for them and it may not work for you. 

In a case where you are getting started I think I would look for a good used bow.  I always see a bunch of year old bows for sale and you can save alot of money that way. Some of them are already set up and others will be bare.  But if you can save a few hundred buck on the bow that just means you can buy better acessories. 

Buy the best that you can afford.  I learned that also, buy a cheap sight is just that..cheap.  get something that is gonna last you.  the only issues I have had with my bow lately is the rest, and it failed  em at the worst time.  Other than that I have never had a problem with any of my gear.

Good luck and keep us posted it is a hoot.  If you have any questions on the gear I use I would be happy to helpm in ay way I can.

I would encourage you to get started in archery as soon as possible.  I really just got into archery this year, and I am loving it.  I only wish I had done it sooner.  

Besides increased hunting opportunities, it is simply fun shooting archery.  It is much easier to shoot archery in your backyard, or even in your basement, without your neighbors getting upset. 

As far as equipment goes, about everything out there has its fans.  Finding what works for you is kind of the fun part.  You can spend as much or little as you want.  My brother got a fully equipped bow for ~$150 a few years ago, and it is still a nice bow.  I got my bow (a Hoyt Cobalt) for ~$400, and I spent at least that on accessories (release, fall away rest, sight, peep, arrows, field points, broadheads, target, bow case, etc.).  I would not get my heart set on a particular bow until you have shot it as well as a few others.  Also, don't let anyone else tell you exactly which bow is right for you.  

If you have specific questions and want opinions about specific brands, models, types of accessories, etc, someone on here has probably tried it before.  Ask away, good luck, have fun, and let us know what you decide.  

I must say there is so much out there to choose from as a beginner.  This is my 1st year with a bow and I have been practicing all summer.  What a blast.  I can shoot arrows out back anytime I want in suburbia.  The bow was difficult to choose but like Critter already suggested find a Pro Shop with great customer service.  I'm so pleased with the local pro shop I purchased my bow from.  These guys were extremely helpful and patient.  I did a ton of online forum research and felt a bit overwhelmed.  I listened to fellow hunters and friends telling me this and that.  In the end it was the professionals that wanted me to be comfortable with a purchase.  They were not getting any commission from a sale and were more than willing to assist me and answer a ton of questions that I had.  The one area that I did totally on my own was broadhead selection.  WOW!  Talk about debates when researching online about broadheads.  In the end I said to myself, "Keep it simple" and went with a one piece fixed broadhead.  Montec.  My bow selection was the 2010 Bowtech Assassin in Black finish.

Being smack in the middle of rifle season, and starting to hunt again after too long away from the sport, I too am considering taking up archery hunting.

Looking through the magazines, online, and talking to friends that bowhunt has me a bit overwhelmed as well. Luckily there is a maker of bows here as well as two really good proshops. After deer season I plan to start shopping around and asking face to face questions. It doesn't help when one of your best buds has taken a Cape Buffalo with a bow and even though he has hunted with a rifle is now a confirmed bow addict and refuses to hunt any other way.

I'll chase deer this year with a rifle and then start looking in to bow hunting. Archery season starts earlier for us so it would get me out in the field sooner and if I don't get a deer, which is an OTC tag, I would have the rifle to fall back on thus giving me more opportunities to harvest game for the freezer. For me it's about opportunity and increasing my chances.

Biker

Like others have said, there are tons of bows and arrows to choose from, I'd recommend buying a good used bow or browse around and find some deals on new ones, You dont need the top of the line set up to kill deer/elk. I got a PSE stinger package for $400 and upgraded a few things like sight and rest but its what i could afford at the time and has worked out pretty good, I had some issues with some serving seperation but got it resolved. Also you can check out a few pro shops, most will sell used bows for there customers. good luck on the new endevour and keep us posted on what you pick up. Also be careful its addicting.