Plasma Cutter Pros: Quick, Efficient, lower heat input, works on anything that conducts electricity
cons: expensive initial investment, consumables fairly expensive, must have compressed air and electricity, lose the ability to heat parts
Oxy/Fuel pros: portable, simple, can heat parts, bolts, bearing etc.., braze/solder, works on thicker metals
Cons: Good amount of heat input, tanks require refill regularly, dealing with hazardous gas.
Acetylene vs Propane... Propane burns colder, but less hazardous to deal with. Propane works for most "hobby" activities, but isn't as useful if cutting thicker sections of metal regularly.
Look in to MAPP gas. It will be stored in a hollow cylinder similar to propane. Cost a little more than propane, but has the usability of acetylene.