I've tried it a few times with recipes from rick bayless' books and other sources. Similar to the above recipe. My bottom line was that it was a lot of work for not much return, since the finished product wasn't any cheaper or better than El Tapatio.
Now rick's grilled tomatillo and chipotle salsa is another story altogether ... but that's another topic!
My mother does. It's a total experimental thing, no recipe, you just put it together...
Basically she takes dried chiles (Guajillos usually) and rehydrates them and then purees with onion, cumin, cilantro, oregano and salt. She then adds a bit of white vinegar to kinda sharpen up the taste.