I have three Honeywell WiFi thermostats. All I can offer is one perspective based on that.
Yes, each option is a compromise. Some days I think it would be better to just build my own thermostat with a few relays and GPIO pins. But I understand that mass-market devices are going to be “dumbed down” for simplicity. Not to mention user support. So here’s my opinion of the Honeywells:
Cons: Cloud-based remote control. No user access to historical data (although I know they have it, because they send me a useless monthly report.) Some app features are not implemented in the HA integration, like “temporary hold” and the ability to modify schedules. HA pull requests are limited to about one every six minutes or so.
Pros: Very reliable HA integration available, with all the important functionality. Device makes no attempt to “learn” my habits; I set the schedule the way I want it. Vendor app is user friendly and reliable. Vendor app works as a backup to HA. Thermostat has advanced features beyond just “on” and “off.” For example, it has logic to try to limit the heating or cooling cycles to a set number of times per hour, rather than just come on at one temp and off at another. This helps with energy efficiency and comfort, and limits wear on mechanical parts. This is the sort of thing which is hard to implement in a home-grown solution.
Overall, I’m happy with this solution. It gives me everything I want, even though I’m a little wary of having any large corporation hoard my data or insert their servers between me and my local hardware.