I've used the economy wire, the hoods, pins and economy crimping tool from Hansen hobbies with great success. We only make our own if we need something custom.
As everyone here has said, it takes some practice crimping and it is a bit of a pain. Here's a video of how to crimp:
http://www.youtube.com/user/hansenho.../1/Vptd2n5p5-I
However, if you need a custom size, or a custom hood (we use 2 x 3 hoods for our encoder connection on the digital side car) it's a definite plus.
It's also a definite plus to be able to make one in a pinch at a competition. I was recently at a off season event and another team needed one, but no one had brought any spares, so I made one for them in about 5 minutes.
It's certainly easier to use/but premade ones, but, don't underestimate or discount the ability to make your own in a pinch.