@EdRick - I've never actually seen a pec deck, probably because I work out in the girl part of the gym (otherwise known as circuit training). But I do a very similar exercise.
Circuit training machines call this exercise a fly, chest fly, or something like that. The difference between this and bench press is that bench press actually works your triceps more than your pecs. The fly will really get those chest muscles. I like to work my muscles in a more natural motion and get the benefit from stabilizing the weight, so I use free weights. I just lie down on a bench, pinch my shoulder blades together, and tuck up my feet - I'm short, and it's very, very important that you not arch your back.
If you're just getting started, I highly recommend a few sessions with a personal trainer. It's not prohibitively expensive, and s/he can help you develop a routine for both weights and cardio that you can stick to. Good luck!