Disadvantages.....It's a little harder to get into sports, but you can aways do Rec leagues. You don't have as many friends, although I have plenty.
Homeschooling is a lot more relaxed, and if you're not a person that really has initiave and wants to excel, it's a lot easier to get away with things like late assignments and such. My mom used to micromanage my schooling, but now that I'm older I pretty much have my own schedule and such. Procrastination is a lot easier. Thankfully, I have that type of "go-and-get-em" nature, but I know other people who have slacked off a good bit and gotten away with it.
I started at age 4 instead of age 5, and so I'm a grade ahead of most public schoolers. Plus, one of my parent's goals in the schooling I get and the curriculum we use is to make me think for myself. My siblings and I are far advanced in thinking and writing for our age. That has actually played into bass fishing, with articles I've written for BR and posts on here. Social skills.....I have lots of friends in my neighbourhood that I play backyard sports with, and friends at church, so I don't struggle to strike up a conversation and make friends. But again, I have an outgoing personality and that helps. It depends on the way you are.
One of the things about homeschooling is that you can help your kids make their dreams accessible.
For instance, my older sister has no aspirations of future education. She wants to be a mom and a photographer. She's struggled a lot in math and science through the years. She just graduated last week. Well, the last year, she did a lot of photography classes and did a lot of Homeck by making all the meals at home. She still did some regular stuff, but those things helped her far more than Trigonometry would have.
For me, my life aspiration is to serve God on the mission field somewhere or be in Pastoral ministry. Alongside with math and science and regular stuff, I do a lot of Bible and do some very advanced theological essays and reading. Instead of taking Spanish or German or something, I'm taking Biblical Greek so that I can translate the bible in it's original language.
We're probably pretty unusual in future life goals , but you get my point: you can customize your kids learning experience to their skills and dreams.