For a lot of reasons, home etching of PCBs is somewhat of a dying art. The main reason is the rise of quick-turn PCB fabrication services, of course; when you can send your Gerbers off and receive ...
When [w_k_fay] ran out of PCB etchant, he decided to make his own to replace it and wrote a great guide on how this is done. He found a lot of vague and conflicting information on the Internet.