"Unfortunately, I have tried to install WordPress MU several times, and I stall at the points that I noted above, when trying to make the subdomains work, which makes me feel that I need to do a little research and upgrading of my skills before going on. I might also need to upgrade my account to a dedicated server rather than a shared one, and I'll have to wait before I'm willing to spend the extra $5/month."
If you're on shared, you will hav eto ask your host to enable wildcard domins for your account. No two ways about it, most shared hosts are like this. Didja ask them yet? :D
Also, MU is awful picky about soem thing. Pointed domain, for instance - where a domain is pointed to a subdirectory on the server.
Dedicated hosting = $$$$$ heckofa lot more than $5/month. A bridge between that and shared is Virtual Dedicated Hosting. But - in my experiece, it's only been a few hosts / setups - specialized setups where MU has been impossible to install and work.
Wanna email me with some of the details of your setup? andrea AT atypicalife.net. maybe I can point you in the right direction. (after you ask your host about the wildcard domains. ;) )
If you're only managing two regular WP blogs at the moments, that's only peanuts as far as the server is concerned. :) I'm got my MU setup (http://homeschooljournal.net/) on one account, and it has a couple hundred users, with quite a few visits - we averaged almost a million page hits a month for a while there - and very active users because I like to run a tight ship. I'm starting to tax the server a bit and outgrow shared hosting, but that's mostly issues with spam and the SK2 plugin, which we've modified. I've had to keep on top of database optimization as well.
That account is on the same server as my "regular" web stuff, with two reasonably active and visited blogs, plus a whole messy pile of other things. :) Those stats are peanuts compared to my MU setup.
As a side note, just add to the educational aspect of it all - both the hubby and I took computer programming. He got his degree, I got my Mrs. degree. ;) What we took then isn't taught now, and what he uses now at his job wasn't even invented yet. That's why it's more important to be an active learner that it is to learn / memorize specific things. He's also taught programming at the college level, and our oldest is currently studying to be a programmer as well. (get the geeks when they are young - my 6yo has her own web page too. :D )
My point in that is that immersion and exploration of the subject results in unlimited learning.
"a lot of my interest in this comes more from the "OOH! Shiny new toy!" reaction than any practical need."
That, I would say, is one of the required skills. :D