I concur... I was in your boat about a month or so ago. It seemed to be a bit over-my-head when I started looking at it (mainly b/c security is something I didn't want to f-up!), but after unsuccessfully trying to find someone to install the system for me (after I had purchased it), I took a deep breath and started to do it myself.
I'm doing it rather piecemeal, but so far no real problems. It really is quite straightforward for the most part if you're already pre-wired. Wiring up the sensors, speakers and alarm keypads has been relatively painless (although a number of trips to Home Depot have been involved!) and if you start off with the simpler things, it doesn't appear to be a bad learning curve at all. One thing I definitely recommend though is using the ElkRP software to help you setup the zones etc. I've got 2 KP2 keypads and a couple of access keypads (model KP3, I think?) and using them for setup was a bit painful! Using a nice GUI was much more up my alley... hooking the M1 up to the PC was as simple as connecting a serial cable (in my case via an Edgeport/8 USB-to-Serial box) and setting up the COM port in line with the Elk directions.
Bottom line is that if you can read the directions or follow the training videos, it's really not that difficult.