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Biggest difference is that the wordpress version isn't really "yours". Its extremely limited in what you can do with the site and I think you don't get any SEO benefit out of it. That and it looks dumb when your URL is yourcompany.wordpress.com rather than yourcompany.com
It'll cost you somewhere around $200-300 for domain and host for 2 years.
Setting up the hosting can easily be done in 1-2 hours. Making your website can take a lot longer though depending how much of a perfectionist you are lol. My personal site took me 2 months to finish while I set up one for a friend in a couple days.
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