Having just launched a paysite myself (the first one I've done completely solo for a couple of years) a lot of the info on this thread rings true for me.
Basically my new site is very softcore and was cheap to shoot - I think I spent about £1000 ($1850) in models fees to get enough content to launch, with some updates in the bag. I already have good quality cameras and editing equipment so that wasn't an issue, but the kit I'm using is worth maybe £7000 ($13000) in all. You could do it with cheaper equipment of course but you need to really know what you're doing with it if you want quality content.
Of course having your own traffic from the word go is vital, so while I was shooting I made some traffic generation sites like blogs, toplists, and a review site for other sites in my niche.
I'm now concentrating on building links on my traffic sites and type-in tour, and getting my affiliate program built up with promo tools. Tonnes of work but very rewarding when the sales come in
My advice to newbies is to forget about paysites unless you know for a fact you have a killer product - learn how to generate traffic and make sales first, save money for the best equipment you can afford, and lean all the technical skills yourself or find people to work with who you trust 100% to get the job done.