I'd have to say, my old server was my pride and joy. However, my wallet beg to differ. The price of $140 for a "P4 w/ HT, 1GB DDR RAM, 160x2 GB HDDs, 1,500 BW, WHM/cPanel" was a great bargin, but I had to leave it cause of my budget. Just mentioning it... it's hard...
VPS has its ups and downs. For me, it is one part of the day that does some weird issue with my FTP and sometimes my HTTPD. It is continuously being looked at with support and hopefully it gets nailed down
Once I get a solid funding income, I'll go dedicated again.