Squealing front brakes; DIY brake pad replacement tips and tools.

[Adam.H]

I'm hearing a high-pitched squealing from the front of my car when I brake lightly, and my mechanic says it's time for a brake pad replacement, which I'm considering doing myself to save money. I'm fairly handy and have changed my own oil, but I've never worked on brakes before and I'm a bit nervous about getting it right for safety reasons. For DIYers who have tackled this job, what are the most common pitfalls or mistakes to avoid during a brake pad replacement, and what specific tools beyond a basic socket set are essential? How do you properly retract the caliper piston, and is bedding in the new pads a critical step I shouldn't skip, or can I just install them and drive normally?