Well, it's not rocket science, but it isn't always SIMPLE either. I've tried the e-smith product..... but didn't like it myself. I ended up with Mandrake. Installing my servers with Mandrake , it was as easy as installing an operating system. There are alot of things to learn if your going to host yourself though.
SERVERS:
Apache
MySql
PHP an ASP
MAIL servers
FTP servers
and that's not even all the servers available.
....... There are many thick books written about each server available, and just jumping into hosting your own site isn't for the faint of heart. Alot of reading, and dedication will be required. Keeping up with security issues and the newest upgrades fall on your shoulders then also, and not your webhosts.
I DO THINK it's a great learning process for any webdesigner, and it also allows for testing websites before uploading if you can set up and run your own inhouse server. I run
http://www.usalug.org from my own servers, but I wouldn't just recommend EVERYONE start hosting their own site. It's much more complicated than your making it out to be. Many people could, but you definately have to weigh the cost/time factor heavily. Because if your new to hosting, your going to spend alot of time learning the ins and outs of the various servers. But if you do have the time, you can run your websites very inexpensively. Linux is free...... so are other OS/Server options, so if you have the time, it IS worth doing.