Is a reprap the way to go or is there another option? I ask because the machine just looks so small and the price tag seems so high.
RepRaps are nice but are hardware designed by a software engineer. Unless you are very experienced with building things you will probably want to look elsewhere. If you are serious about buying a 3D printer to experiment with (and you do not want to visit your friendly neighborhood hackerspace), look into a Replicator
from Makerbot Labs. The resolution on their latest models is impressive.
I think its going on my list of things to get but what about large objects?
Right now, for objects larger than a six inch cube you will have to print and assemble components.