Antarctic Telescope?
angkor pastes "'A novel Antarctic telescope with 16-m diameter mirrors would far outperform the Hubble Space Telescope, and could be built at a tiny fraction of its cost, says a scientist from the Anglo-Australian Observatory in Sydney, Australia.'"
Not only are you limited to the southern sky, but you can't use it for months at a time (during the S. hemisphere summer). Compare that to Hubble which gets a look at the entire sky as it orbits the earth, and can operate 24/7.