Amanda, I've been making red wine vinegar for several months using the instructions linked to above. Works great! My suggestion is to use a wide-mouth jar. When I used a smaller-mouthed jar, it smelled like nail polish remover for a while (I'm assuming because it wasn't getting enough oxygen). I use a rubber band and cheesecloth over the opening. Works great!

I am on year two of having a 'mother' growing in the cupboard. I couldn't get my hands on a mother from a wine store or similar place, but managed to grow one by keeping a bottle of organic wine vinegar on the counter for several months. The mother started growing on its own.

I use a small mouthed bottle, like those used to make wine, which creates a large surface area inside but makes capping it with cheesecloth easy. Also, I can pour some off the top without having to deal with the mother. It took about six months to get going, but now that it is chugging along I just pour in the dregs of bottles and wine that has gone off and then let it do its thing for a few months. Apparently the flavor improves over time as the mother matures.. so far so good, the vinegar tastes great.

My husband and I are into local wine and have brought back a lot from nearby wineries. Three that we loved in the tasting room were just plain awful when we returned home. We keep them capped in the original bottles in our pantry, and use them as vinegar (for cooking, not cleaning).
I haven't seen a mother grow yet, but it tastes pretty good in dressings. Perhaps the mother will indeed grow on its own as it did for ilovealbertabeets; the wine wasn't organic.

I've never had the desire to make my own vinegar and so I'm curious what the benefits are. Does it taste better or is the appeal to have made it yourself?

Is there any risk of food contamination? I had a friend who nearly died of botulism after a failed attempt to make garlic infused olive oil. the experience gave me a new appreciation for pasturization.