I've owned dozens of each. With either one, if you purchase a quality unit and do repairs yourself, they are no more expensive than a Camry. I find I/Os to be dirt cheap and bulletproof. I mean, they are probably either a 3.0L Buick, a 4.3L GM V6, or a small block chevy. Aside from extremely minor differences, they are car engines that have been in use since the 50s and parts are cheap.
I think the people who say "a hole in the water you throw money into" are the ones who take their boats to a marina for spark plug changes.
The lake where I do most of my boating is a canadian lake with some wide open deep stuff and a lot of shallow rocks and mud. The only issue I have with my I/O is that you can't ever trim it fully out. No matter how much you trim, the deeper vee, heavier weight, and smaller articulation means that it is always in the water. My current I/O is a Mercruiser Alpha with a 3.0L which is one of the lightest setups, and fully trimmed out there is still 11" of boat in the water and another 5" of lower unit. I also have an outboard that I can use for shallow excursions, so it's not a big deal. My frustration is when I pull up for a shore lunch, every wake that moves the boat means the lower unit is stabbing into the sand/mud/potential rocks below it. I have to carefully pick my landings so that doesn't happen. With an outboard, no worries.
When you mention sandbar, inland waters, etc, I might shy away from I/O. First, they're heavier, so they draft more. Second, flying along at 30 mph and you hit a sandbar, you can't just trim the skeg out and float off. If the glass is touching sand, that means the skeg will be 5" in even when it's trimmed out.
An outboard represents slightly more expensive parts in some cases, but ultimately serviceable, high power/weight ratio, and it can trim out completely. If you can afford the slightly higher buy-in, I would go outboard.
Having said that, you have to be careful with what outboard you get. Top marks go to Yamaha and Suzuki. There were some really dark years in there. After Mercury bought Force, they took a big image hit since Force sucked, and they had to retool many things and they finally scrapped all of the old Force tooling. They are coming around beautifully. As far as I'm concerned, the last thing OMC did worth anything were the E-tec motors after the Bombardier merger. The E-tecs are wonderful units, but unfortunately everyone knows it and that puts a significant tax on them.
If I were in the market for a new outboard, I wouldn't consider anything other than a Yamaha or possibly a Suzuki, however the writing on the walls suggests that Suzuki is pulling out of North America entirely. Future parts availability may become an issue.
If I were in the market for a used outboard, I would strongly consider a used M-series Merc/Mariner from the late 80s/mid90s. I have an M70 that the family bought new in 88. To say that we have abused it is an understatement. Three months out of the year it spends time in salt and fresh, and gets used HARD at least three times a day during those three months; morning fishing trips of incessant idling while trolling, daily excursions that often include hours of waterskiing, evening fishing trips with more trolling. When it started losing compression from a failed oil injection pump, I cut the wires to the alarm and mixed my own fuel and used it two more years. We finally ended up rebuilding the power head and it is still going strong. Aside from pulling the lower unit once for a water pump (not because it needed it, just figured I'd do it before it needed it) the lower unit has never been opened. I wish we had put an hour meter on it. Had we known it was that bulletproof, we'd sell it to a museum.
I would also consider a pre-Bombardier OMC outboard, but they're getting pretty long in the tooth.