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I've done both.
I've run sites on cpanel, and I've had managed servers. Its nice when you can just email your tech and say "The server is loaded can you check it out?"
Of course, its also nice when you can do everything yourself.
They both have goods and bads.
I've heard that both natnet and webair are good ones to start with.
And yea, you want fbsd or linux (I prefer linux....)
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