We've been playing our Swords & Wizardry campaign for about 7 months now. Prior to making my decision on which rule-set to use I did a lot of investigation as to what I wanted out of my game, what I enjoyed about D&D in the first place - pretty much what we've all been discussing over the past couple of years.
I've read through all the retro-clone rules (BFRPG, LL, S&W Core and WB, even Microlite), re-read Holmes and Modvay and skimmed through 1st ed. AD&D. I even read through the OD&D books. All of these rule-sets are great in their own way and each, even the newer reiterations, brings something new to the table, so to speak. So I did my homework. I ended up with S&W mostly because of the rules-lite mechanics and the room for customization.
I then scoured the forums and blogs to pull those customizations together and mix my homebrew stew. It was a fun process and I got to know my game really well.
As we have played, the house-rules have evolved based on suggestions and our collective gaming experience to make, I hope, our play better. I mean, you never know how a rule or concept might work until you play-test it a bit. So modifications have been made.
Now, Labyrinth Lord's Advanced Edition has come out, chuck-full of 'advanced' style rules and tweaks and chunkyness. I am sure I'll be adapting some of these elements to our game. Some may be optional rules and some not. But at what point am I doing too much work? Why not just adapt to another system that is closer to where the houserules seem to be evolving? I mean, my house-rules are not that unique or anything, just little tweaks here and there. Even if I were to switch to LL, I would most likely pull things out to make it more grittier which is why I choose the S&W Core + Houserules in the first place.
I feel like I'm hitting that middle point between the two extremes. For me, I think it may be easier to build up than to tear down so I think I'm fine sticking with where I'm at for the time being. We'll see where things evolve. As long as we're all still having fun, and I think that we are, then we'll keep on rolling down that same ol' road.