You also want to consider how much you want to pay for your domain registration and what country you want to target for your website. US has always been the primary audience, but lately, India, Australia and UK seem to be the growing choices. Unlike popular belief that .in or .au domains might not work as great as .com, it actually makes sense to use these because they can be purchased and maintained for a lesser amount of money, and you have a btter chance of reaching a specific audience. And if you are looking for a more affordable domain registration service, take a moment to check out paylessdomains where you can buy a variety of domain names(specially Australia). They also specialise in domain transfers and renewals, and offer a bunch of free features.
Having your own domain means you can add a lot more to your website like contact emails, forums, technical support, online shopping tools, a backend database, huge storage space and more. Just imagine how much more you could do to interact with your audience! I am seriously considering buying one or two for myself. And if I don't end up using them for myself, there might be a chance that someone would buy it from me:) Either way, works for me, right?! You can still maintain a blog alongwith your site so you get the best of both the worlds. What do you think??
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