The UV process is what we used back in high school. We had a special UV bed (looked kinda like a flatbed scanner), though, and a special etching machine (used a pump and spray jets to etch the board).
Ferric chloride is NASTY stuff. The end result is nice, though.
Nowdays, I just use OSHPark or Seeed. You get silkscreen, solder mask, and professional looking results. Just takes a little (or a lot) more patience.