Interesting thread... and everyone's opinion also very interesting!
Personally I started tying flies before I learned fly fishing, I broke my knee and was stationary for a few months so I taught myself to tie flies with videos and then when I could walk again I learned how to fly fish. I would have to say that in my opinion there is no better feeling than catching a fish with your own fly! Especially when you tweaked the fly to your liking! That being said, it can get expensive if you become obsessive with the materials! I don't tie my own to save money, I tie because the winters are long and I love the hobby.