Be sure to buy the lo-sugar pectin. The full-sugar pectins require a shockingly large amount of sugar, especially for peach jam, which often has less natural pectin (you'll probably be instructed to use 2 packets of pectin, rather than one as would be the case with pear or berry jams). But the process is really very simple - peeling and pitting is the hardest part! - and the results are outstanding, so I highly recommend just jumping in there and giving it a try.
Oh - and another great thing about peach jam - if it doesn't set, you end up with a delicious "syrup" that can be used over pancakes, waffles, ice cream, etc...this happened to my MIL last year, and she was ready to throw her batch out when we rescued it and used it anyway.
I use the package recipe that comes with the pectin. It works perfectly with the note to make sure that you allow your jam to come to a full rolling boil prior to initiating the timing. I also just whiz my peaches, after peeling, in the blender to puree them and add a touch of cinnamon. Enjoy! Peach is one of my favourite jams!
Freezer jam requires minimal cooking and no processing. If you use low/no sugar pectin (like Ball) you can control the amount and kind of sweetner that you use and still get a good jell. It must be stored in the freezer, except for the container you're using, and IME some types (like cherry) tend to have a shorter life and mold quicker in the fridge. I started doing freezer jams this year and I find that I like the brighter taste from minimal cooking and the ability to control the sweetner content and type. I like being able to use small inexpensive plastic snack containers for the jam. I like not suffering from the heat of a jam pot AND a water bath AND the oven holding the sterile jars in my un-air conditioned kitchen. The downside is there's a lot of small plastic containers in my freezer. I'd recommend freezer jam for a first-timer who may not have the money or desire to invest in jars and a waterbath right off the bat. It'll give you a good idea of whether or not you like preserving without the huge investment.
Traditional jam's major advantage is that it's shelf stable. It's drawbacks are the initial investment in jars and a waterbath, heat, longer cooking times, additional processing times, sterilizing jars and lids and holding them in heat to keep them sterile, fretting that the jars will seal (they mostly do) and the huge amounts of sweetner required. However, there is nothing quite so satisfying as the feeling of accomplishment as you gaze upon shelves filled with rows of your glistening, jewel-like jars of jams, jellies, fruit butters, and chutneys.
In both cases, as a novice I suggest using the recipes that come with the pectin you use until you get the feel for jamming and are comfortable with it. Peach jam can be easily tweaked with the addition of chopped crystalized ginger or a few drops of balsamic vinegar, or some finely minced fresh, hot red peppers (no seeds!), or a chiffonade of fresh basil stirred in at the last minute before jarring.
Whichever method you go with, have fun! Homemade preserves are fun, creative and awesome in their many uses.