Dead on. Recently, 3 and 4 have been compelling. Cloud costs have rocketed up. I started my casual transition to co-lo 2 years ago and just in december finished everything. I have more capacity at about 30% of the cost. If you go option 3, you even get the benefit of 6+ month retro pricing for RAM/storage. I'm running all DDR4, but I have so much of it I don't know what to do with it.

The flip side is that compliance is a little more involved. Rather than, say, carve out a whole swathe of SOC-2 ops, I have to coordinate some controls. It's not a lot, and it's still a lot lighter than I used to do 10+ years ago. Just something to consider.