Subscribe to an email marketing service vs renting SMTP server

Hello,
I'm staring an email marketing campaign. I have looked at some of the email marketing services such as iContact, Benchmark and Constant Contact. I have also looked at renting SMTP server and using a software to send out emails.
In terms of cost, it turns out they are roughly the same price. In terms of services offered, almost all email marketing services offer help with design as well as making sure your campaign is not listed as spam. They also offer all sorts of fantastic reports. None of which is offered should I chose to rent a server. I'm not concerned about the design or having a spam free campaign. I can always sign up for a basic account and take advantage of these services offered. I'll be missing out on all the reports.
My concern is the privacy of list that I upload to a server. After all, that's where email lists sold on the net come from.

Does anyone have any experience with any email marketing services or renting a server?
what's your take on the privacy?

Any advice or suggestion is appreciated.
Cheers