Well, I am in-process right now. Drywall has just gone up. I hired a company (friend of the family) to do the job "turn key" HOWEVER, I am doing what I can to help things along. I visit the job site a couple of times a day to make sure the subs show un in the morning then check progress in the evening. This has saved my general contractor from having to visit. Of coures, he does visit and I have asked the building inspectors to PLEASE inspect with a fine tooth comb to make sure all is well. If you have a (as an example) framing crew fram up the house they should guarantee it passes inspection or fix it till it does. That is their job. Likewise, the same goes for other subs as well. I have run much of the wiring for my home (with little help form an electrician as I do the remedial stuff) and saved a bit of $$ there. I ran all the telephone, satellite, home theatre, alarm and computer wiring myself. That saved me $2000 while I spent $300 in materials = Net $1700.
I am planning on painting the entire house myself saving over $3000 (interior only).
If you are able to work out a deal like this then I'd suggest going that route.
My other choice was to hire a general contractor to simply oversee the job. I would be the general contractor while he'd be the job supervisor making sure everything was done in the correct order..... site prep, foundation, plumbing...... etc.
Be aware that this is a labor (read time) intensive project.
My home should have cost $150K + to have built. I got it contracted for $115K plus we have gone over about $3K minus the savings from paint etc.
Another thing I have done is "price" my contractor's subs. The cabinet guy wanted $5800.00 for cabinets. I got hand made custom counters plus upgrades for nearly $1800.00 less.
Ask where you can contribute...... I have also done periodic cleaning (site trash etc) myself to save some labor. I insulated much more than the builder would and saved $500 or more.
There are many ways that the average person can save. I'd say that you should hire a general to simply oversee the job and give you advice as needed. This way you have the best of both worlds. You have a knowledgable general contractor to back you up and help avoid pitfalls while you do the work yourself and have the satisfaction of building your own home the way you want it.