"Some hundreds of kilometres of rock are available to block the yammering of Earth. With the advangage of lower gravity and less environmental hazards, telescopes could be built bigger, more flexible and probably cheaper and they would never run out of volunteers - I'd be one - to act as maintenance men and operators."
But since Luna has no breathable atmosphere, and since you'd still need a link back to Earth, that sort of puts a floor on the maintenance costs. Just think how much it cost for each Apollo mission.