I suppose I should just buy a few of the various brands and models and see what they can do in my environment.
The disadvantage I might be hearing (without seeing) is without the in-house computer running things, I'll be missing some of the niceties I've become accustomed to: user configurable web-based interfaces, scripting, if-then-else logic, variables, just to name a very few.
In it's heyday, when I was really into seeing what it could do, my system was pretty complex: I could double-click a light switch on my way out the door, and the computer would set lights and furnace and fish tank and media gizmos appropriate for when I was leaving, based on time of day, and then schedule all the same for while I was gone. One such schedule operated lights throughout the house, several times a night, as if I was walking through the house to go to bed, and later as if I got up to use the bathroom! (Yah, those crooks were totally fooled!!

) Then another double-click upon return and all the schedules would be setup for when I'm home. A double-click elsewhere would turn on a TV to a nice fireplace scene (I didn't have one back then), turn on stereo and play a specified playlist from iTunes. Stuff like that. (This was all before Alexa, hence the double-clicks.)
Very sophisticated stuff, that would even work once in a while! It all sounds silly I'm sure, but you get used to that kind of "smartness" once you start using it. It becomes pretty contagious, and so you want more and more. Next go-round I'll be looking for a much simpler, more robust system, but would still like a few of my ol' geekeries...