To be perfectly honest, this is one of those debates - like long (5-7') hose vs short (standard) hose, and to a lesser extent, BPW vs Jacket - that I just don't get
Like most divers, I started out with rental jacket, short hose and console. Since changing, I've never looked back, and in my experience at least you won't meet many divers who have
If a new diver asks me what to buy first, my answer is first a good mask and second a nitrox-capable wrist computer. For <$300 you can have two items that are personal, portable and can make a HUGE difference to how much you enjoy your diving (compared to rental gear). Your own wetsuit and fins are nice but much bulkier and not as big a difference IMO
YMMV