I've been away from this site for awhile but am catching up now on what everyone has been writing. Everyone has offered a tremendous amount of help for which I am truly grateful. I do have 2 VPS servers now, both managed with Plesk on one and cPanel on the other. Although my own preference is Plesk I got cPanel because I realize it's a more popular choice with most people.
I do prefer not owning the hardware. Several years back I had a dedicated line installed in my home on which I ran my own servers. One linux machine and one windoze machine. I put my web sites on it an IRC network and a radio station.
It was nice having the physical server right there in my living room. The problem was it got cracked a couple times, once I had to reformat the HD and reinstall everything in case the cracker left any back doors.
With VPS there is more security in place and the setup with my upstream provider is very good. I've also learned much more having my servers set up this way. I've learned not to allow SSH access via root and other safety factors. The nice thing about VPS is I'm not running my sites in an environment that has been over sold. Before VPS I had a reseller account and the sites did not run near as fast as they do now. Granted, some overselling is necessary I think in order to make money, I don't want to do it to such a point that it slows the sites down. When I got my first VPS there was a distinct difference in speed between it and the reseller account.
You've all been a tremendous help and my website is far better as well. I can't say thanks enough.