What are your opinions about free blog services or paid web hosting for blog that yearly fees need to be paid for domain and web hosting? and also discuss about advantages and disadvantages for comparison.

References:
Getting your first blog and setting it up
Choosing a right niche/topic
Advantages of Blogs: Five Reasons Why I Like Blogs
Business Blogs: How to Build A Better Blog: RSS: Benefits for Business
10 Big Benefits Of A Busy Business Blog: (And How To take Advantage) - WebReference.com
Thinking Home Business :: For RSS as For Anything, Sell the Benefits not the Features