I don't have a particular preference. I just hosted my first home party and enjoyed it and yet I'm totally not an entertainer at all. But what made it nice was that DD1 only invited 6 friends, 4 who attended, and no parents stayed (DD1 turned 7 and I knew 3 of the 4 moms already). I had them at my house for 2.5hr and it was easy to entertain with crafts, games, food, and presents for that amount of time and 6 kids altogether with DDs. We have not had a venue party yet but attended quite a few. My kids always have fun at the venues but I find them loud, crazy busy with other families, and you kind of get rushed in/out by the venue (because there's always a party after yours). The one thing I'd add is that time of the year matters. I was lucky to be able to host this party outside. But DD2's birthday is mid-December and hosting a bunch of kids inside my house is less ideal and so a venue would probably be better in winter.
Mom to two amazing DDs ('07 & '09) and a fur baby.
Gluten free since Nov '11 after non-celiac gluten sensitive diagnosis. Have had great improvement or total elimination of: migraines, bloating/distention, heartburn, cystic acne, canker sores, bleeding gums, eczema on elbows, dry skin and scalp, muscle cramps, PMS, hair loss, heart palpitations, fatigue. I'm amazed.