[...] I dont see much use of it for english papers but since I am entering organic chem I can definitely see this as a beautiful tool to use. [...]
Well, it all depends on what "English" means in your case. Linguistics? As in: language theory with a lot of examples and glossing? Then latex is your tool. If by "English" you mean "literature" with few glosses/examples/diagrams, then any Word processor will probably serve you well in conjunction with bibliography tool - might not look as nice though (well, for xetex that is)
I'm in linguistics and latex is an indispensable tool for me. Personally, I couldn't go back to word processors.
My only question is how long of a learning curve does it have? And where do you learn the code?
It has a bit of a learning curve since you will not see the document in its print version until you typeset (essentially compiling your "code" - do it whenever you feel like it, though). Think of latex as a simple html structure (well, they don't really look that much alike) that concentrates on content and text.
Your working document is a simple text file that any computer can read (you'll need a latex installation to typeset of course), not a proprietary format some/most word processors rely on.
My suggestion is to perhaps write a paper in a word processor the first time, or use an existing one, and turn that into a latex document to figure out what you need/want.
Also whenever you miss a feature, google the feature in question since there is probably someone who has encountered the same problem before and written a package (one that's probably already installed, since the MacTex distribution is an all-in-one).
There's an incredible amount of info on latex on the web, but here's a taster:
This seems to be an introduction.
And here's more of a reference (PDF).
Last thing: try to use xetex/pdflatex from the get go. In TexShop, the included editor, you can choose this from a dropdown menu (I currently use TextMate + latex-plugin). This is a modification of the latex engine in unicode (utf8) - don't forget to save your documents in unicode if you use an external text editor - to use any semi-modern font on your computer as-is (standard latex requires a special package for that particular font - and a postscript version of the font, I believe - to work).
EDIT: Almost forgot, be sure to make use of the
fontspec (PDF) package for all typography related stuff. It's absolutely wonderful.