On the one hand it's a good excercise to create something on your own, on the other hand, there's a bigger benefit (though way less fame) in contributing to existing projects.
I personally usually shy away from starting something new, especially when I see that it is a default behaviour for most unexperienced people and how pathethic such projects usually are.
But still, you've got a draw a line somewhere, there are lots and lots of existing solutions that are not quite adequate, and a rewrite would do good for them, howether, in the spirit of "You're responsible for what you rescue", there is a significant burden of responsibility for your creations. Should you try anything if you know beforehand that you're not qualified enough to finish the job? Not to mention time constraints.
While the typical programmers hubris might nudge you into creating a project bigger than your abilities, but, is it a responsible thing to do?
UPDATE
Most responces deal with learning factor, but I'm thinking more on practical level, not something to create on a hurry, but something like creating new Message Passing Protocol, or writing a new WebMail.
While there is good in attempting such ventures, sometimes it's better for the community for people to improve existing solutions.
Otherwise we end up with millions of 'templating toolkits' or webmails etc and none that is good and useable.
In reply to On waiting until a world becomes a better place... by Eyck
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