“Your own server in a colo” means going to the colo to swap RAM or an SSD when something goes wrong. You rent a server and the benefit is the rentor has spare parts on hand and staff to swap parts out.
My experience with Equinix varies wildly by facility and somewhat by which tech gets the ticket. Chicago has been good, Seattle tolerable, Dublin is dumber than rocks. We flew somebody up there rather than take chances for a big project.