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I personally love my home gym. I use a lot of free weight equipment and even body weight equipment. If you go to a gym, you will most likely be on a machine, which is great for isolation of a specific muscle, but the free weights burn more and make you stronger because of stabalizer muscles. The isolation thing kinda sucks but I'm serious about fitness and not at a gym to socialize... unless I'm playing racketball. lol That same isolation will either bore the hell out of you or help tremendously with self dicipline. If you want a feel for a home gym without the cost, go running by yourself.
(good quality)Machines are scientifically designed to have you work without leverage. That line about stablizer muscle you need to stop quoting bowflex commercials. Machines (nautilus anyway) were invented by Arthur Jones in order to bypass the inert difficulty of using free weights to properly distribute resistance through out the range of motion, not just cause he was a lazy bastard that wanted to use pins and weight stacks, because they "can" be more effective than free weights otherwise they would not exist.