If you are simply exploring ... the best way would be to drop by any friendly club fitter where there is lots of stuff to try and no pressure to buy ... they are the real experts when it comes to golf equipment ... and the most qualified people to explain to you what a club can do and what it can't
http://www.golfrepublic.org/t20348-useful-addresses-info-of-pro-shops-fitters
From a layman's perspective, some things about golf equipment
Like cars, some brands hold value better than others. e.g. Titleist
But in general, golf clubs lose value fast, so used clubs are a great way to start out. Although nowadays, some of the new clubs at Golf Direct are so cheap that they are worth considering.
Another option is to buy stuff online, but beware of counterfeit products. Guys like Eiji are experts at online buying, you can consult him if you wish to take this route.
Techonology is relatively more important in Fairway Woods, Drivers, Utility Clubs, Irons, Wedges and Putters in that approximate order IMHO. You can take a putter from 40 years ago and it will still work fine, still golf with irons from 15 years ago, but you WILL feel the difference with drivers and especially woods from 10 years ago and now.
That being said, almost anything that came out in the last 5 years, and was rated well during its time, is good enough to use until you know exactly what you want from your equipment. No real point paying top dollar for new stuff unless you know exactly what you want (if it is retail therapy and you can well afford it then please go ahead and buy anything you like ... just remember to post on GR marketplace at highly discounted prices if you get tired of them later
)
The range of golf equipment is mind blowing and the brand positionings just as varied. I would group them roughly into several categories (just examples, not exhaustive):
Value: Slazenger, Nickent, Wilson(maybe)
Mass Market: Taylor Made, Callaway, Nike, Adams, Cobra
Mass Market plus: Titleist, Mizuno
Premium: Most JDM (Jap Domestic Market), PRGR, XXIO, Yamaha
Premium plus: Custom Jap Forgings like Miura, Epon, Romaro Ray
Super Premium: Honma
Within each brand, there will also be a range of products at varying price levels. The thing to note is that while price may equate to quality, in general, it does not necessarily translate to performance.
On top of what is available off-the-shelf, there is also an entire aftermarket golf equipment industry dedicated to customising golf equipment specifically to you, both in terms of performance and aesthetics.
The amount of information available is staggering. One good way to start would be to read through the previous threads in the forum that have discussed equipment for beginners in detail.
Within the forum, there will be many views, just like there are many types of golfers out there. Some promote unforgiving clubs that almost force you to develop a sound swing to be able to use them. On the other side, others will recommend forgiving clubs that help to make a difficult game more enjoyable. Just take it all in and realise that what works for one golfer may not necessarily be your cup of tea. At the end of the day, you are paying, so you should like what you buy.
On a parting note, no equipment is going to miraculously cure a bad swing, and the better your swing, the more options there are in terms of equipment you can use practically.
So enjoy the jouney and remember to have fun, be it playing golf or shopping for golf stuff!