We str in March 08, happy days, locked in at 6%plus and no worries Just over a year later the interest rate has halved , but the return from our equity still exceeds the rental for a decent house.Didn't have the courage to lock in longer.
So the maths is still a no brainer, and of course, we can buy a house for at least 15% off last years price.
For us the plus side is that we can consider all options, move area, upsize or downsize, very easily and not face major costs (stamp, conveyancing, etc) and of course we pay no unforseen maintenance bills.
The downside is that having owned family homes for yonks you miss the home/castle thing, feeling of security and it effects some family members more than others.
Would I do it again? In a moment, but I still think we will buy eventually, although I am not sure why!