Since George runs his Cloud PBX company he will naturally punt it I suppose

George, in what situations, if any, are you a proponent of traditional in-house PBX's?
Im going to try and be objective here. If you're a small group of people that dont rely heavily on your telephones then Cloud PBX is probably the way to go. Connectivity to the cloud is likely your key consideration, because if that goes down, then you have 0 telephony. I guess it would be quite unlikely that all 4 of your analogue lines would go down at once, so you probably have not been in this situation before. You will have a lower overall capital outlay, but you're renting telephones monthly and I'm not certain thats good on the long term basis - maybe look into buying!
In getting an in-house PBX, you would need to consider the cost of doing it properly, because if you do it half-assed, it will cause you grief. There are alot of proponents of Asterisk and its various flavours based largely I'm sure on the fact that you can download it for free from the internet. I dont imagine that the support will be too cheap either, and setting up advanced features will probably cost you.
So its more than a discussion about just getting some voice lines in. It's really about what functionality you want. You mentioned call logging. I dont know if you mean call recording or call accounting per extension, or both. Maybe you would like to have one number ring on multiple devices (like your desk phone and mobile at the same time?). Maybe you want presence as well, voicemails sent to email, hunt groups, call queing and management etc. etc.
For a PBX youd need to see which of these features (and others) are available, and which require licensing and configuration and how much that costs. A Cloud PBX provider will likely charge you for the feature. So if you want x it costs you y per month, making it likely that your operation could outgrow the value initially provided by a cloud pbx provider.
Too often we just look at the cost of getting a voice line in place. It's so simplistic - too simplistic. If thats all you want it will be hard to beat out the value provided by a Cloud PBX provider. If your needs are more complex it becomes a whole lot more interesting

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