The main advantage is that under this arrangement the people who are your bosses, or otherwise rule over that you do, in a normal corporate job, such as sales people and accountants, become your employees and have to answer to you and your peers. Technical merit and knowledg becomes the driving force, not fantasy sales pitches and bean counting.
The main downside, besides the business risk, is likely going to be lower pay. But you'll be doing what you find valuable, so you'll have much higher enjoyment at what you do.