Quote: "I suspect that this might be the case in the UK. I know in the US a custom built system can be cheaper by 100 bucks, and much more so the higher end you go."
Well, I'm in Australia, and when I built my own pc, it was at the time that the new generation of PCs were just coming out, so it was when all the prices got bumped down because of the new hardware, but that didn't reflect in buying pre-built PCs since the average consumer had no idea it was cheaper now.
Quote: "and then have no Guarantee on system"
Unless you're getting it from a dodgy supplier, then all the individual parts should have their own warranties. Even if it's just a 30-day refund deal, it's still better than having to deal with Dell's support system!
Personally, I like to have complete control over everything that goes to make up my PC. I do at least a week's worth of research before hand for each part, then make sure it's all compatible, then find the cheapest places.
Putting it together is simple since most things just 'plug' into the motherboard. The hardest part is setting the right clock frequencies for your CPU, but even that's easy with the Mobo's manual.