Advantages of iTunes Home Sharing:
1. Share music, movies, app, books, TV shows, and photos.
2. Automatically transfer purchased media files to the shared computer.
3. Stream media files shared among the computers to an iDevice or Apple TV (2nd generation and above).
Disadvantages of iTunes Home Sharing:
1. Cannot transfer metadata.
2. Cannot check for duplicate media files when manually transferring content between computers.
3. Updates cannot be transferred among computers.