So what is this LaTeX thing of which I speek of? Generally it is well
documented in different places around the net including Engineering @ Cambridge University and the wiki book. I recommend using these sites for general reference.

The main advantages are that LaTeX takes care of
the formatting of your report, the contents page,
bibliography/references etc. LaTeX allows you to concentrate on the report
content, minimising the effort required to produce a professional
looking book/report/paper/article.

The problem with LaTeX is when you
attempt to over-specify and micromanage the formatting. Leave the
defaults and life is good, it looks good and there is no pain.
Unfortunately, within any semi-bureaucratic institution (ie most
universities) there is a requirement for a specific layout/setup. Most
of the time these requirements will just make your report look ugly and
a nightmare to implement.

My hope is to write some more articles which will look in more detail at using LaTeX within the engineering department at Edinburgh University (more specifically chemical engineering though some things will apply to other subjects) including setting up a template for the front cover, and the plagerisum sheets.