I have been smoking for a few years, but have never smoked a meerschaum pipe. What are the benefits/downfalls of a meerschaum and if I have a few good briar pipes, should I even spend the money on a meerschaum?
Meerschaums don't shade the pure taste of the tobacco. They are good choices for beginning smokers because they don't need to be rested as often as briars. They color nicely in due time, but they are more fragile and susceptible to marring by scratches and fingerprints. You should not allow any carbon to build up in the bowl, so they require a bit more cleaning after each smoke. I think they smoke a bit drier than any pipe other than a gourd calabash, but that's just my impression.
Check out the PM.com article, The Meerschaum Pipe Experience.
I think everyone should have at least one meer. They do offer benefits over briars (and vice versa). They need to be kept away from water and like Cortez says, don't let carbon build up, always wipe the bowl clean.
Naturally you could always take the easy way out and buy an old second hand one from Oi Vay dot com and enjoy the fact that someone else has broken the pipe in for you. Not only does this save you buying pounds of tobacco but also gives you instant gratification.