By using the word homemade, I think you are suggesting that a person can design his or her own education. The advantage is that it is tailored to you. However you might miss out on some things if you choose what you study yourself.
Home schooling is a full time job for one of the parents. It takes a lot of work and discipline in order to make sure you child gets everything they need. I think it is easier to provide home school instruction in the early years, but much more difficult once they reach high school. Very few parents are knowledgeable enough to give a high school student everything they need.
Another disadvantage to homemade education is that any parent can decide to homeschool their kids with few questions being asked. Now there are those parents who feel they can truly provide their student(s) a better learning environment than the public school system, and these parents will probably work very hard to do just that. However, our district has had parents who couldn't make their student(s) come to school, so they've pulled them out of public school to "homeschool" them. My question is "If they cannot make their student(s) get on the bus and go to school, how are they going to be tough enough to make their children study and learn at home?"
Home-based education can certainly work; however, it takes great dedication and perseverance for that to happen. I've seen home-based education work extraordinarily well and fail miserably. The difference between success and failure boils down to accountability. Curriculum standards are rarely set or measured for home-based schools. Standardized testing to measure student achievement is not always required for home-schooled students, either. While there are undoubtedly many parents who are doing an exceptional job at this difficult task, others who are not are rarely held accountable to any standards whatsoever--often to the detriment of their children.
I think one of the dangers of homemade education is that you have people teaching who have not studied education, pedagogical strategies or how we as humans actually learn. Also, if these people are deciding on a curriculum as well, they will need advice from professionals to make sure that all relevant topics are covered thoroughly. There are of course many advantages, but these are just two of the major disadvantages.
The wording of the question is unique. I notice from the tag that there is a reference point to Malcolm X. I think that it's very interesting to note this aspect of his own education. For Malcolm, standard education failed him through its combination of ignorance and racism. It failed to understand his experience as both a child and a child of color in its treatment of him. Along with other factors, this caused him to be disinterested in standardised education, but not in learning. Even in his days on the street, we are automatically struck by Malcolm's desire and willingness to learn just about anything. This makes his own homemade education in prison a successful endeavor because he craved and hungered for finding anything that would prove his conversion to the teachings of the Honorable Elijah Muhammed as accurate and valid.
I would say that one of the major disadvantages of a homemade education is the lack of data based decision making and instructional strategies. In most homemade educations, you have individuals in the position of power who know little of the education process or structure. Whereas Malcolm possessed a passion and self discipline that made his non- formal education work, this zeal is something that is absent in many who engage in homemade education. The results are children who are not entirely competitive for the demands of the world in which they enter and a condition where there is more challenge present than success.
The disadvantages of a homemade education are that proper experts might not be involved in the education process and one might fall short of the required elements for a proper education according to the latest requirements of the state in which you live. Also, one might not receive a fulfilling and rich variety of instruction and modalities in the content of courses that one would need to become a better person in addition to a smarter person.