I board at my siter in laws house. My horses are fed and watered for me, but that's it. In a way it's kind of nice because I don't have to worry about whether or not they're fed but really I would much rather take on that responsibilty myself if it meant having them in my own backyard. I also have to deal with the drama that comes with family doing you a "favor". As I understand it, boarding facilities usually come with their share of drama too.
As a new horse owner though, it's nice to always have someone around and to never feel stranded when I need help. My ultimate vote would be to have them at my own house though.