I guess this form is as good a place as any for this. John, our drummer recently bought a new house with a double garage for his young family, and stretched his budget on the proviso he was given the garage for free reign for a Boy Project, which turned out to be a space for his vDrums and eventually for us to rehearse.
He built this room inside his Garage and it's immense. Lots of power points, good lighting - carpet, heater, the works! He also got this JamHub Green Room bit of kit which is immense. Basically you can plug a whole series of instruments and mics into the Hub and tailor yourself one of 7 unique mixes to listen to as you play. We rehearsed for the first time last night with it and it is unbelievable - fantastic tool for being able to practise as a full band in a residential area at night - since we all have jobs - (plus John has a small child and one on the way very imminently), the sound quality and control is just great and now all of our stuff is set up and ready to go whenever we want to rehearse. Recording scratch demos is also a complete cinche.
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For the technically minded here's what we were using into the JamHub
John - Roland TD20 vDrums
J - Behringer Bass Driver DI/Amp Sim Box
Gareth - Guitar Rig 4 running on a laptop
Mike - MBM Dual Drive -> MBM Echo Base -> iRig on iPhone (Fender amp model)
I have to say I was amazed at how good the iRig sounds when used like this, and it takes pedals extremely well. I'm completely made up with it.
On top of all this we'll be saving around £3,000 a year in rehearsal space costs, not to mention our standard half time pub trips will be replaced by a few tins or bottles, and the reduced hassle of lugging drums, amps and cabs in and out of cars.
It's not for everyone, and we'll clearly still be using rehearsal rooms to rehearse for gigs every now and then - but I had a great time last night.