I just finished etching my first PCBs this morning. They're not perfect but they should work and it was SUPER easy. I used Radio Shack etchant that's been in my brother's closet for about 30 years (it was $2.49 a pint) and PCB board that was probably just as old. I still need to get some teeny tiny drill bits and drill them out but I thought I'd share them.
(http://imageshack.us/a/img543/2930/bdii.jpg) (http://imageshack.us/photo/my-images/543/bdii.jpg/)
Looks great! I would consider using a dremel if you have access to one and the smallest bit they make.
Awesome first time etch man, looks great.. You will find that the more you do it then better they will get. I find it very satisfying to etch a board and build it the same day. No waiting for boards in the post and you can also take the layout in some graphics program (I use Photoshop) and add pads for mods and remove traces before you etch. Its fun to have the flexibility.
Enjoy the madness!