If "self-hosting" means "web hosting" these days, then my blog/portfolio site [1] is on a regular web hosting ($45/year, got a few other sites there as well), and runs on the code i wrote myself (PHP, no DB).
It took a few years (about a decade, really) to get the design right - people's perception is a weird thing, what looks nice to me is an abomination to most, and i usually got about one piece of feedback per year.
That's probably the biggest argument i can give against going DIY with web design.
I've had a few game servers self-hosted (in the "PC-under-the-table" sense), and i would really advice to get a real hosting for such things - every time the internet is acting up or you try something that needs parts from the server box, someone would ping you on Skype about why the server is down. :/)
[1] http://orbides.org