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I have debated this for years. I have always used external hosting. Even using all open source software, its just never seemed worth it to do my own hosting.

Advantage? Absolute control over e-mail, unlimited domains/websites/storage.

Disadvantage? Your having a nice vacation half a world away, and suddenly your e-mail stops working, and your remote access is not working.

I have used a small, somewhat expensive company in Florida called Hosting Matters for years. This past year I tried using one of GoDaddy.com's hosting packages because it was so cheap. I was NOT impressed. Pain in the rear to get anything done, slow, just all around bad management software. Being cheap was its only positive.