Will there ever be a fully reusable space flight system?

[Deathlok]

SpaceX are stating they have plans to develop a fully reusable space flight system where powered landings are made back where the rocket originally takes off. See video below.



My question is;
Is it really feasible to have such a system considering how much energy it takes to escape Earth gravity and the same being true for powered landings?

Surely it would make more sense to have one of two things;
1) An orbiting space port where ships are manufactured there and then go onto their destinations. As there is very little escape velocity to consider. Granted, raw materials or finished components would have to ferried up.
2) A permanent base on the Moon which uses the naturally occurring minerals there to sustain itself and to also manufacture space exploration vehicles and launch where the gravity is only one-sixth of Earth.

Of course I am not a rocket scientist. But the above makes sense to me.