A lot has happened to advance Insteon even since last Fall. Icon came out somewhere in the Fall, I believe, lowering the price threshold for a really high quality switch to $19.95 (or less on sale). In January, Insteon was being criticized for possible quality issues and lack of adequate software support to map and maintain the network. However, the quality concerns seem to have lifted, and I can tell you first hand that SmartHome makes good right away on any possible defects or desired returns. The release of the Insteon beta of PowerHome has removed most concerns that Insteon networks couldn't be adequately maintained via software. Until PowerHome, one of the advantages touted for UPB was that it had a good network explorer; now Insteon has one too.
In my opinion (I'm not that advanced, except in making mistakes, so keep that in mind) UNLESS (1) UPB or Zwave soon makes dramatic moves - especially in terms of meeting Insteon's price point or (2) some major and unfixable glitch is discovered in the Insteon protocol (increasingly unlikely by the day, imo) then I think Insteon is going to sweep the field of home automation switch protocols by the end of this year.
Zwave is late to the game and UPB appears to have effectively defaulted its leadership already by not meeting Insteon's price point vs. quality. UPB still has a considerly more mature and tested base, but given the price difference I expect that to be reversed this year.
Buy a couple of Icon switches and get hooked; they are very useful even without a dedicated controller.