how hard is it, how safe is it, does it cost as much as factory ammo, is it worth it, how much is a good solid press going to cost me including dies and what not???

I just picked up a Lee .50 kit from Midway for $150 shipped.   I am MUCH happier with it than my RCBS kit.   Loading for the .50 is just as safe as any other caliber.   Other than the kit you will need a trimmer(I like K&M~$65).
Costs depend on what you want to load and for what reason.
Plinking ammo can be bought for roughly $1.50 a round.  Figure a CCI primer is about .90 cents, surplus projo's are anywhere from .35 to .55 each, plus the price of brass unless you already have it and of course the powder.
So for plinking, it is reasonable to buy factory ammo but if you want to load match ammo then reloading is the way to go.

you sure about the .90 cents a primer figure???

I only pay about .18cents apeice for the CCIs and around .13cents for the Russians.

Surplus 5010 at 3.00/lb and 220gr per load is around .10 cents
Using a new powder, like H50BMG will run around .55 cents

Surplus projos vary from .08 - .60 each depending on application... most of them will NOT be allowed at formal ranges though...   (buy a bullet sizer with your press and order unsized bullets for the best prices!)

A good alternative like the brass Prince-Al bullets are about .70 cents and can be shot most anywhere.
Otherwise, there's the AMAX at around 1.25 to the Lapua at 2.00 ea.

Some surplus vendors:

http://www.hi-techammo.com
http://www.patsreloading.com
http://www.gibrass.com

If you're a member of the FCSA, check out the vendor lists at the website too.

Reloading in itself can be a lot of fun too.  You won't necessarily 'save' any money, but you will get to shoot at least twice as much!

If you have other .50 shooters in your area, get together and do a bulk buy.  It'll help to defray the 'hazmat' fees too.

Here's a website with a good .50bmg reloading introduction:
WR's 50bmg Pages

Good Shooting!

Ok, so my math sucks.  Yes, .18 per CCI primer for me also.