I just started fletching arrows this summer myself. The Bitz gets a lot of recommendations, for good reason.
I went with the Grayling, which is also marketed as the Martin J-8. As far as I can tell, the Grayling/Martin is the same as a Bitz, just made of plastic.
The Bitz is supposed to have a stronger magnet, but after using Fletch Tape, there's no reason to use glue.
Watch Robs video above. It'll save you a lot of time.
The Grayling/Martin is 1/2 the price of the Bitz, and did everything I could ask.