There is many advantages and disadvantages of living on the island.

Advantages

Living on the island would come with many advantages. You would not have to attend to society's rules, no school and you could start your life fresh. You can give yourself a new personality and attitude, something that could be hard to do back at home. You have the opportunity to create a new civilisation and your have to find a way to provide yourself with food, shelter and many other things that your parents give to you or are conveniently accessible in society.

Disadvantages

Depending on your personal preference some things that are advantages for others, for you they can be a huge disadvantage. Without rules it can be very easy for you to be victimised without the power to do anything about it. You have to go to the hastle of making your own shelter and finding food to eat. You also lose all of your innocence in a setting like this and most importantly, by having to look after yourself completely alone you lose your ability to be a child and the opportunity for fun becomes a lot more scarce.