You'll never find a beer below 4%, let alone 5% here. If you do, it's yellow, watery p***. There is just no market for anything like a mild ale here; Canadians seem to like 5%+ brews regardless of the style - it's a shame. I had the pleasure of trying some lovely milds in the UK, but alas nothing upon my return home.
Anyhow, enough whinging. Here is why homebrewing mild is, IMHO, a great idea:
1. They're flavourful, but light. I can see myself brewing pale milds even in the hottest months of the summer. Refreshing and easy to drink.
2. Great session beers. I love drinking beer, but have to tone it down during the work week. Working hungover has lost its charm - somewhat

3. Most people like milds, I've found. I've had great feedback from a lot of different people with different tastes. Ale drinkers like the fact that they have flavour; lager drinkers like the fact that they're easy-to-get in ya.
4. Practical beers to brew - can handle a shorter mash time (I mashed for 40 minutes at 69 C today and hit my expected gravity spot on), ready faster (even if you're bottling) and don't need heavy carbonation (so, don't need weeks and weeks to get good).
Here is my latest recipe to get some thoughts:
Type: All Grain
Batch Size: 6.00 gal
Boil Size: 7.50 gal
Boil Time: 60 min
Est Original Gravity: 1.038
Est Final Gravity: 1.011
Estimated Alcohol by Vol: 3.6%
Bitterness: 20.5 IBU
Est Color: 15.2 SRM (29 ECB)
Ingredients
8.00 lb ESB Malt (Pale Malt)(4.0 SRM) Grain 82.47 %
0.90 lb 120 deg. L - Crystal/Caramel (120.0 SRM) Grain 9.28 %
0.50 lb 60 deg. L - Crystal/Caramel (60.0 SRM) Grain 5.15 %
0.30 lb Biscuit Malt (23.0 SRM) Grain 3.09 %
1.25 oz Goldings, East Kent [5.00 %] (60 min)
1.00 tsp Irish Moss (Boil 10.0 min)
1 Pkgs London Ale III (Wyeast Labs #1318)
Sorry for the mixed imperial/metric measurements. Comes from a country that is only metric part-time

Thanks for listening.