We live in a bungalow which I love. Its excellent with children as, as others have said, you are all on one level and you can see exactly what they are up to at all times.
Also with bungalows, where we live anyway, they tend to have more land/bigger gardens than other properties on the market at a similar price.Also statistically speaking (sure I read this somewhere)the people who are supposed to be happiest in their houses are those who live in a 3 bed bungalow
I really can't think of any disadvantages. Maybe noise for people in bedrooms if others are still up in the evening, but we have never found this to be a problem.