Ah.. the old age question. Should I get web hosting? Well my answer would always be the same which is "NO" simply because I don't need any fancy stuff installed at my blogs. Neither do I need to install any plugins that require me to host it at my own hosting.
However, there are those that need to have hosting for reasons of their own. For instance a client of mine wanted to set up her own zazzle store and for the the zazzle store to work at her own website, she needed to get hosting of her own that supports PHP scripts. So now she needs to look for a hosting company that not only is economical but also supports PHP scripts. So I suggested she check out this site called Web Hosting Rating. There you not only get a listing of all the economical sites but also get reviews on how reliable they are.
Also you can check out articles like What Makes Web Hosting So Cheap? and Can You Survive with Cheap Web Hosting? at the site. Useful information I'm sure for those considering web hosting.