I've got my own set of answers to that one, predicated with the statements that 1) I have plenty of mechanical and some electrical skill, and 2) I can afford and justify investment in a system that will have lower long-term running expenses.
So why generate power at home?
1) I'm at the very farthest end of my generating utility's grid, at the end of a dead-end road with a 1/10 mile line running to my very own pole-mount transformer. If a squirrel sneezes on something in West Virginia I have no power. I've already had my small (1kw) genset up and running twice in the last three months keeping the natives happy while the utility failed to provide what we pay them for. (I have plenty of CF bulbs, three Aladdin lamps, and two Aladdin Blue Flame Heaters. About the only thing I can't do easily is heat the water in the water heater for a shower or (a biggie) run the well pump (but do have a big accumulator tank).
2) It's a well-insulated house with modest heating requirements in winter. 10-20K BTU/hr waste heat is enough to keep it toasty warm. if not, see above for the Aladdin solution.
3) if I can get cheap/free fuel and do cogen, I can afford to justify running the generator just because the heating costs on cold days become a sunk cost. If we then have an ice storm and the power goes out, I should be able to run anything I care about with a 4 KW gen head. If the outage is in high summer for some reason, a 4 KW/220 head is big enough to run the heat pump or a couple of window a/c units I have laying around.
4) I lived through Hurricane Fran in Raleigh, NC. My little portable generator made our house an island of civilization on a dark night. Bad stuff happens. Being ready for it means you are smart and foresighted, not paranoid.
5) it's fun.