I think making your own (often referred to as a "raw diet") can be the best food or it could be the worst food, depending on how you make it. The real fear from my standpoint (despite not having the time) is that if I were to do it, I'm not a nutrition expert, so I may be omitting some essential ingredients, or just getting the balance of ingredients wrong, which could result in disastrous consequences for my cats. But many people swear by it, and I do admire people that can pull it off, and get a great result. So if you do decide to do it, I would try to use recipes that have been tried by many many others, rather than trying to "roll your own" or improvise.
I think
http://www.catinfo.org has a lot of info about raw diets. Also there are two books that I know of that feature raw diet preparation, nutrition, and recipe info for cats:
This book is kind of nausiating because half of it is devoted to pseudo-scientific evangelizing, but the other half is devoted to all the nitty gritty details (including recipes), so it's not a bad choice:
http://smile.amazon.com/Natural-Nutriti ... +nutritionThis book is mainly about commercial cat foods, but it does talk about raw food as well and provides info and recipes I believe:
http://smile.amazon.com/What-Cats-Shoul ... +nutritionThere is also this facebook page:
https://www.facebook.com/groups/CatCrap/There are several current members who feed raw (we used to have a bunch more) so hopefully they will contribute to this thread as well.