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It's really not that time consuming building your own PC, mine tend to work first time providing I actually have all the parts..it's a good learning experience too, and it helps to know the details of all the components when you need to diagnose problems.
Personally, I don't like P4s...I know that they're powerful, but they push the overall price of a system way up, and all the extra power is otios at the moment, and will be for a while yet..
I'd rather go for a 1.4ghz Athlon, nice Abit mobo, 512mb+ ram, a geforce3, and plenty of storage - preferably at least 7200rpm hard drives.
a) Not enough time
b) I'm not sure if the slots in PC towers will work with the P4 motherboard
Also, I'm afraid I need a flat panel monitor - at the moment, I've comprimised my TV for the chunky old monitor - so space saving is a must.
Also, I'd say "don't buy pre-built PCs". You'll never get exactly the components you want, so you'll have to compromise, and pay more for getting them to assemble/ship it.
24inch moninter. Just to top it off ;o)
Not neccessarily the most cost efficient though.