Id' think that it's pretty much just a matter of what you like and your level of patience. Hand quilting takes a long time, machine quilting is speedy! Machine quilting is completely possible to do in your own sewing machine - especially if it's a small quilt. In terms of how to do it, there are loads of places online where you can read about machine quilting - this is a great conversation about specifically freemotion quilting:
http://www.flickr.com/groups/quilts/discuss/72157604324619530/And having the right foot is key too: darning foot for freemotion, and a walking foot if you're doing straight lines. Though I have quilted with my standard foot.
And I'm no help with hand quilting because I'm just not patient enough AT ALL to give it a try!
Good luck!