Ok, here's a quick stab at the highlights.
MIG welder - Metal Inert Gas. Uses CO2, Argon, Nitrogen, or other
gases in a mix to shield a wire that is fed into the work at a variable rate.
These weldeders are capable of operating at currents down to ~20 amps reliably
and therefore do not heat up the work nearly as much as an arc welder. In
addition, since there is no flux, there are no groty inclusions in the
weld to chip out. The MIG is very easy to use, though requires some practice to
get the feed rate / gas pressure ratio right first time every time. But once
you learn it, you can make good welds in metal < 3/8" thick. In addition,
a MIG can be converted to weld Al. Cost: $229 for the welder, another
$75 for the CO2 bottle and regulator. I use mine all the time.
Arc welder - Uses DC or AC supply and consumable electrode. I've found
the arc welder to be difficult to use for thin metal, esp sheet metal. It
just heats too much up and is too difficult to control. But for welding large,
thick plate, it can't be beat. I have one, but have used it once in the last
2 years to weld 2 3/8" pieces of plate steel together.
Gas - I use the Oxy/Acetelene torch for 2 welding tasks, brazing
and cutting. More than that, I really can't say. The MIG has taken over as the
welding tool of choice. And they are expensive in terms of tank purchase/rental.
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