Depends on just how much extra time and money you are planning on having. I don't want to spend hours every day doing extra clothing and bed linens and I can't really afford all the extra detergent and utilities. The pull ups are the less expensive option for me, plus my time is worth something.
Plus, if you have carpet, how much like pee do you plan on being able to stand, how much do you not mind it smelling for company to come over and smell. He will pee on the carpet, he will pee on the kitchen floor, etc...all day mopping and doing laundry. I didn't do it.
We used tiny mini M&M's. One for pee and two for pooh, or jelly beans, or some other treat. That worked best for anything. He didn't get candy otherwise so it was a really big deal.
You said toddler, how old is he?