I would go for a hosting solution where I was not responsible for the sysadm tasks....
Buy the gridservice from Mediatemple.net. It's quite cheap compared to what you get (I think), and then you can sleep tight every night knowing that yes, the webserver, php, sshd, mysql, etc, etc, etc, are all patched.
For a developer, spending time on system administration is a waste of time, IMHO.