Self Directed IRA Hype?

[William Joel Idleman]

It seems that the idea of a self directed IRA is a buzz word in the BP community. If you use a self directed IRA, would you be willing to share what advantages made you choose that investment vehicle? I understand the idea of alternative investments outside the stock market and agree that there is some value there. I've never seen the value of owning property inside of an IRA because the IRA cannot take depreciation against the property. Is there something I'm missing? I've done financial planning for almost 7 years but I'm not arrogant enough to think I know everything so your feedback is much appreciated.