I just started geocaching a few days ago, and have found 3 out of about 20 or so attempts. I spend a lot of time hiking/biking in the woods of santa cruz, and I know my way around the city as well, so usually by looking at GE, and looking at any pictures/logs/hints/whatever I can get a good idea of where something is. I just end up having to do a wider search to find it.
I plan on buying a gps in the very near future, but until then I'll keep doing it this way.