I bought a house this fall, when I entered a PhD program. The area I am living in has an extremely inflated rental market, but house prices were low. It seemed like a good time to buy, because the mortgage payments would be comparable to rent. I went into it thinking that once I left the area, I could rent the house out.
I don't have very much advice, but I was caught off guard by a few things. The main issue was how much time everything took. The initial process was a ton of work. Going house-hunting, writing up several offers, collecting documents, scanning/faxing/mailing tons of paperwork ate all of my free time and interfered with my work schedule. Dealing with the mortgage paperwork was a nightmare. The time crunch continued well after the purchase, with getting set up with oil delivery, insurance, the deed, etc. Initially I was weighing the pros and cons in terms of cost, but I never thought about the relative cost of my time, and that was a mistake.
I'd be glad to talk more, PM me if you have any specific questions. I definitely don't regret it, though, even as I'm up to my ears in remodeling!