RE: cost
That varies greatly.
There are two routes to go:
1. Buy a good used bow, some basic carbon or aluminum arrows, a practice target and some practice tips for the arrows. I did this and spent about $300 on a bow, basic rest, basic sight, basic release. I got a target for free (4X4 round bale of hay from neighbor) and baught arrows at a local shop. I found a good stabilizer and limbsavers as well as broadheads from EBay. Total cost around $450. I have then been upgrading things every year and saving up for a brand new bow in perhaps 5 years.
2. Go out and buy the best -- something you don't ever want to upgrade (or so you think when you start). This route is expensive. $600+ for bow, $100 or so for ACC arrows, etc... This route is expensive. And in the end, you'll probably not want to spend all that money till you have tried hunting with a bow. Trust me. Bow hunting and gun hunting are two completely different beasts! I enjoy both, but hunting with a bow is definitely more of a challenge for me. Some really don't like it.
Seeing that I favor hunting with a bow due to the challenge and skill required, I would vote for getting the bow. Muzzle loaders are nice, but there is something about a bow that really makes you feel close to nature (basically, because you have to be close to hit the animal...).
Just my $0.02.
And remember, you don't need $1,000 worth of gear to shoot a deer.