DD's school from primary to now 6th form has been in the same academy trust with several others. Each school is set up independent with head teacher and governers like any other state school and the academy trust is on top of it.
Are there issues, yes, when they included two more schools to the trust there was opposition as people feared the trust would stretch itself too thin. There were promises to mix resources, especially for the 6th forms but so far nothing has happened.
They have a similar complain procedure I have seen at other schools.
They are getting Ofsted in the same way as other schools.
They do get their own budget per pupil plus Pupil Premium for FSM children. And no, they don't make a profit, one of the schools is nearly falling down, money is plonked into too many repairs while still trying their best to deliver really good teaching.
I would say it has a similar turnaround of teaching staff I see at other schools my friend's DCs are going to. Similar issue attracting teachers for subjects like Food, D&T, Arts.
There were some attempts to change admission rules to priotrise children from the primary schools attached to the trust but it backfired as it had to go through public vote and our part of town was against it. The only excemptions is that teacher children are bumped up if a teacher is there for more than 2 years.
There is freedom in the curriculum but as the pupils are sitting the normal GCSEs and A-Levels they obviously have to teach the standard content.
One of the secondary schools attach is top of our borough's list just after the grammar schools.