Continuous lighting vs flash

I'm pretty much clueless when it comes to studio work and, now that I'm thinking of setting up a home studio, would like to know folks' recommendations in regard to lighting source. Is it possible to shoot indoors with no flash at all? Pros/cons?

If no flash is possible, what output and type of lighting is best? I've seen lots of online ads for continuous cool lighting but don't know if these cut the mustard. What are the pitfalls I should watch out for?
TIA.