I am at home for Uni.
Provided you find it easy enough to make friends you get *most* of the Uni experience for considerably lower cost. The only thing I really miss out on is the experience of living with people your own age - everything else is just as easy to do when you live at home - the socialising, the 3-4 nights a week, that sort of thing.
The two best things about living at home is the financial side of things - money wise its MUCH easier - and the certainty. Living at Uni can be either the best or the worst thing you can possibly do and which of these it is is largely down to luck. Of my friends, some are having the time of their life yet another moved back home becuase the experience of living in a shared house was so utterly awful.
At least with living at home you know what you are going to get. How well it works depends entirely on your situation, though - if your parents are the sort who would care if you roll in at 3.30am after a particularly good night at the Union then it might not quite be as enjoyable as it is if they couldnt care less or don't even notice you arriving home.
Location is another thing - I can get to Uni in 15 minutes, just over 10 at night, so random 'Union? ok mate' things are no issue becuase it takes me as long to drive in as it takes them to walk down the road anyway. But if you live 10-50 miles from Uni travelling in becomes a drag and you'll be more tempted to skip social occasions, or you'll find the cost of a night out really mounts up.
It also depends on your finances. If you are entitled to max loan and your LEA will pay your fees living away is a hell of a lot easier than it is if you don't qualify for any of the assistance.
It's worked out great for me - I thoroughly enjoy Uni, have a social life as active as any other student (placement years excepted when everyone is spread randomly around the country), but have the added bonus of not being totally skint all the time.