http://www.dinkytown.net/java/MortgageRentvsBuy.html
That's a good calculator.
You will have more flexibility as a renter. If you think you might need the flexibility in the near future that alone would probably be enough of a reason to not buy right now. The real estate market could do some very interesting things in the next few years but the most likely is a slight decrease or prices staying flat. Waiting to buy probably wouldn't be a bad decision.
On the other hand, if you're in a situation where you could find a property that you would like to stay in for a long period of time along with an owner who is looking to sell, a local real estate market that isn't due for a crash and access to a good deal on a mortgage it's extremely likely that buying will be the better deal in the long run.