How to create a form with dynamic html elements. ?

Hi all
I am very new to drupal.

i have gone through the vast drupal forum, and managed to create a basic form.
Thanks to the well documented tutorial available in :
http://drupal.org/node/71954

My next step is to create a dynamic form.
I have seen two approaches to implement the same.
1) Using javacript
I am trying to create a form in drupal having dynamic HTML elements
some thing similar to :
http://www.formassembly.com/wForms/v2.0/documentation/examples/repeat.html

I managed to at least get the front end working using wforms in drupal 4.76.
BUT I found that wforms module is deprecated for drupal 5 and will not be available anymore.

2) using the drupal form functionality.
I have gone throught the tutorial for creating dynamic forms in drupal available at.
http://drupal.org/node/101707
my requirements match the third scenario .

The Form That Builds Itself, a page where some options (clicking 'add more choices' when setting up a poll, for example) add more fields until the user chooses to submit the 'finished product.'

I have read the article, but unable to implement the third scenario. Now i know there is no short cut to hard work I need to read and understand more stuff.

But at this point i am a bit confused.
There are two different approaches , one using javacript , the other using the drupal form functionality.

I need to know the following.
1) Which will be a better scenario ?
2) Any helpful links tutorials for the above two topics.
3) I have only heard about jquery javascript framework that is used in drupal 5. Should i be studying this ?
4) Any (node type) module that implements such thing!!! (Now that a wishful thinking!!) :->

I will really appreciate if you guy help me out here a bit.

Thanks in advance.
Deepak