You get a "cage" in a CoLocation facility. You get power, environmental control, and network redundancy. You're on your own for everything else.
Often such an organization will have its own tech staff which you can contract with, which bleeds into Managed Hosting. But that's often over-priced.
- buying/configuring hardware: http://blog.pinboard.in/2012/05/a_cloud_of_my_own/ (primary server, backup server, Load Balancer)
- picking CoLo home http://blog.pinboard.in/2012/06/going_colo/ - My total colocation fees come to $406/month. Adding in the amortized cost of hardware brings the bill to $780, which compares favorably with what I had been paying for leased servers.
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