I haven’t done anything on this before, but it has been done to death on the internet. Michael Aulia (of Craving Tech) pontificates on the subject on Nuffnang Australia, and does so rather well, without excess heat and with lots of good facts.
I don’t have the minimum 30 days experience Michael suggests with Blogger, but I do with both WordPress.com and self-hosted WordPress, and I also have some experience due to dealing with questions from the Moderate Christian Blogroll community. I found that my experience agrees with his. It is much more difficult to do advertising and so forth on your WordPress.com account than on Blogger, and of course either gives you less flexibility than self-hosted.
I found out the limitations the hard way, because I started out with a standard web site before blogging really got going. (My Energion.com domain was first registered in 1997). I was essentially “blogging” by posting essays on a regular basis using standard HTML, uploading them, updating directories by hand, and so forth. So being used to the self-hosted idea already, I simply installed WordPress the same way when I started blogging in 2005.
I learned about WordPress.com via the Moderate Christian Blogroll blog, which I established specifically so that I could learn to understand the difficulties of WordPress.com users. I still do the very rare blogging that the blogroll requires there.
So I commend this article to those who are considering where to start blogging, or who are considering a change of platform. It’s a good summary of the situation as it stands.