Choosing Software: Open or Closed Source? Locally Hosted or Vendor Hosted

I just read a good article on Motionbuzz.com called Control vs. Responsibility: How to choose the best software for your business.  The author is addressing the issues around choosing open source or closed source software and hosting it yourself versus using the vendor for hosting. 

As he says below...the option that makes the most sense for you will depend on you or your organizations need for control and the level of responsibility you are equipped to take on.