You can get by with a decent twisty stick. I did for many many years, and many still do. I wasn't half bad (not half good either) but it served me well.
The x52 is one of the more common setups, but it provides a lot of functionality. The drawback is the price. The hefty price.
I've been using a $20 (that COUNTS shipping and handling) MS Precision Pro Sidewinder (gameport) for a long while now and it's fine. You don't have to fork over $150 on Saitek gear if you're not sure about it.
As for pedals: They're better than the twisty stick, that's a fact. However I've had mine for a few months now and am still learning how to transition from twist to foot-power. Whichever way you go, expect to have a difficult transition if you ever decide to go the other way later down the road.
Avoid all Logitech sticks. They are atrocious and will fail in under 2 months, guaranteed. They'll still work, but not well, and not in a fashion suited to any flight simulator, which basically makes them useless.
The Cyborg Evo and the ST290 are fairly decent sticks from what I've heard. When considering a new (cheap) stick I've looked at the Evo.
As long as it has pitch, roll, yaw, and a throttle, you're good to go. Anything else is just cake
