I've done boarding and having them in the backyard which is what I currently have. Right now, we do breeding and boarding for others and we own 3 stallions of our own. We're not getting any younger, so at this point, I have to say that full care boarding and or training is sounding better and better, as is having fewer horses.
Having said all of that, I would not change a THING about what we've done and turned into a business and the satisfaction it's given me over the years. But as I get older and creakier, I'm liking the thought of being able to just go out and spoil them, feed treats, groom and ride and let someone else worry about feeding, deworming, picking stalls, etc etc.
The idea of being able to actually take a vacation and go somewhere without a cell phone for emergencies sounds lovely too. I haven't had a vacation that didn't involve a horse show in 20 years.