The problem I found isn't griefing, its the cheaters.
I've owned a minecraft server for the past couple of months, and I've yet to actually play minecraft on it.
Every time I go on the server I have to be on the look out for cheating.
It sucks, and the majority of people just don't care. They don't care that you spend time and money to run a server, they'll just cheat anyway. They don't care that it takes you ages (essentially taking away from your enjoyment) to moderate and maintain a server. And some people can start to feel very entitled, they think that because they play on your server, they have the right to do whatever they want and remain on the server.
We've had people try to DOS the server because they were banned. And a user called "Hexicube" posted disgruntled messages in various server threads, after he was banned. He only played on the server for a day...
So my advice? Make a server, but just for your close friends. It will suck less.