I think making it, mostly b/c it's just so darn easy and cheap!!! I did buy some baby food, especially if we were traveling, but 98% of the time, my kids ate the homemade stuff.
Also, I did usually buy a container or two of the veggies the first time I introduced them to my kids. I didn't want to waste time and energy on making up some peas if all of a sudden they were allergic to them! It's pretty rare that your child will have a reaction to the basic veggies and fruit, but it's possible, so I usually did it that way, but after that I made in big batches and froze them.
I used ice cube trays and then moved them to freezer bags. I made big enough batches to last for at least a month or two. Even if I was traveling around town I put them in a bowl with a lid (the Gerber baby bowls are super awesome!!!) and let them thaw on their own until I needed them. Otherwise nuke them for like 10 seconds and the meal is ready!
Fruit is a lot waterier so just be wise to that. I often mixed fruits so that I could make a thicker batch. Also store bought apple sauce with no sugar added is super cheap and very healthy as is canned pumpkin.