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Wordpress website & hosting

I want to knock up a blog for a specific purpose. I have a fair amount of experience of using Wordpress.

I see that I can use the wordpress hosting at http://wordpress.com/

Are there any significant disadvantages to that? Would I be better buying a domain and hosting and running wordpress on that?
I have some budget to put into this so the costs aren't the issue. I've also got a historic website hosted with Fasthosts so I'm au-fait with that sort of thing too.

Are there any tips for a reliable hosting service?
Happy chappy

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