At the end of the day you can use either of these approaches. I have used used the out of the box asp.net membership provider and stored additional data in a different table with the aspnet_userId as a FK.
In other occasions, where I needed more integration of user object with the rest of my domain model, I have used custom MembershipProviders. Since the source for the out of the box providers is now available, it is actually not so difficult/involved to implement your own. In fact, it is not so uncommon based on my experience.
Yes, if you use the built in membership provider, there is some slight overhead involved.
However, if you are beginning with asp.net I would recommend that you stick to the built in asp.net membership provider.
BTW, you mention:
I don't need the Roles stuff
Oh yes, you do! At the moment you are limiting yourself to one role: IsAdmin. If you ever down the road need to support additional roles, your proposed implementation will become a problem. There was a lot of thought/experience in designing the asp.net membershipProviders.
The price you pay for using them is negligible, you basically loose nothing, and have potentially a lot to gain.