VPS vs. shared hosting - the better choice?

I'd appreciate thoughts on the best way to go here please. My understanding is that with a Virtual Private Server I would have my own portion of a box server in which I control all aspects of that server, such as the number and types of websites I add. I could use my VPS server to host just my own websites. I could also sell website hosting to recoup some of the added costs.

It appears you can get a VPS from around $75 per month with support to help keep the server running. (If you know all the aspects of operating your own server then you can get a VPS for much less.). It's not cheap but it is reliable.

With shared hosting, the price can't be beat. But you can often find yourself on a server with a 100 or more other websites. Your hosting provider could also be overselling the server. Your site might have a lot of downtime due to other users running bad or corrupt scripts on their sites. However the price of hosting your website on a shared server is as low as $5.00 - $10.00 per month.

Is it worth the difference to get a Virtual Private Server and know that your site(s) will be up all the time and limited only by the amount of resources that you have available, or is shared hosting the way to go and save the extra $50 or so a month?

Any input would be great! Thanks.