When I moved to the dorms, it was pretty bad at first. I eventually got used to it, but I still much preferred living at home and looked forward to going home every weekend. Once I got to the apartments, it got worse and I started going home on Thursdays since I had no class on Friday.
It wasn't that I was being taken care of or anything. Hell, I did all my own cooking and laundry and all that stuff. It was just nice to have that sense of security and some absolutely awesome parents that you can talk with about almost everything. No trust issues, no lack of privacy, not really many negatives at all, at least not the ones people have been listing here.
I'm now 25, have graduated college, work for my dad's business and aren't in any rush to move out (though I have been looking). Seeing some of the responses in this thread, I guess I should consider myself lucky. I have enough money to learn to be independent at my own pace and a great family (minus a bitch sister) to push me toward things I want to do where I actually have been making progress.