Lots of good info posted already. A few other thoughts:
The lumber selection at Home Depot or Lowe's is very limited, usually just pine, poplar and red oak. The price is easily 6-7 times that of rough lumber. If you use a lot of wood, then a jointer and planer will pay for itself over time. But there's some $$ involved. Even if you buy used equipment off Craig's List, you're still looking at a $500 investment. And then you'll need a dust collector. Replacement knives. More space and electrical. But it does open the possibility of using walnut, maple, sycamore, beech, cypress etc. etc. So it's not just cost, you also have more options. Also, if you want thick boards (> 3/4" finished), you're generally out of luck with the big box stores.
If you're reasonably close to a supplier that will do the surfacing for a reasonable price, that's a good option. Keep in mind that it means you need to know ahead of time how thick you want the lumber to be. Also, wood likes to move, so a board that was once perfectly flat might decide to curl a little after it's been planed. Having your own equipment allows you to take it down in stages, which means more stable material.
Of course, you can also use hand tools to joint and plane your boards. Not a whole lot cheaper though.
And before you know it, you're looking at a 12" Jointer/ Planer combo with shelix head for $3000 :tool: