Car Leasing VS Owning

An interesting conversation about automobile purchasing started today in the "AT&T Next Plan" article. The debate was leasing vs buying an automobile. Personally I have mixed emotions about the situation. I am currently on my 3rd auto lease. My payments from lease to lease have gone up, but only because I have moved up in class and trim levels. However it has not gone up significantly. This most recent lease is the only time I have put money down, and it was only the cost of my monthly payment. So I basically paid my first month twice, which was the deal of the day. Car makers usually throw in so many incentives that your down payment is covered most of the time.

Is leasing better? I know people on both sides of the fence and they both have good arguments. I lease because its cheaper upfront and I get a new car every 3 years. I can honestly say I don't have an interest in owing my own car. The valve of cars drop so fast that selling a car after you own it doesn't produce any real value in my opinion. I honestly believe over the course of 10 years the amount of money spent is the same (No I don't have any real numbers I'll leave that to you commenters). I would like to hear both sides because this current lease may be my last.