Well, I find it interesting that the biggest apparent gripe people have is that state education is currently a big postcode lottery, yet I don't see how academy schools are going to change this one iota. They could, of course, make this a million times worse, as good and outstanding schools that are currently the focus for conversion to academy status, become academies and the less good schools in areas where the local population are less inspired by the thought of losing LA control (and protection) do not. And I worry that once the LA has lost a few schools from its "books," it's bulk purchasing power will be reduced and its standard of service for those schools left will be reduced as it takes advantage of its reduced responsiblities and finances to effect redundancies and cost cutting measures.
I also worry that when the heads of the outstanding and good schools that have converted to academy status move on/lose their oomph as they get older, the schools may find their popularity waning, lose pupil numbers and thus funding and suddenly realise that they are now responsible for paying redundancy costs, deciding staff pay and conditions,dealing with legal messes etc, and the head and governors no longer have any safety net to fall back on. Not an enticing prospect for unpaid school governors, any potential new head thinking of taking over a failing academy and any teachers considering whether or not to work at the school, and not something you can be confident will never happen, given the undersupply of head teachers of all calibres.
I also worry that academy schools will effectively be replicating a lot of the work currently done by the LA that is not a school's main business - eg sorting out payroll and pensions, legal services, electricity and other service suppliers, buildings maintenance, insurances etc. It will take up an awful lot of time to look into all of this and find the best, most cost-effective providers, etc, and bulk purchasing power will be lost, unless all the schools in the area work together on it and act like a mini-LA (I can already see the arguments over who's not pulling their weight or contributing enough), or unless the school just buys these services from the LA, assuming they will be widely offered by the LA any more (somehow I doubt it), once half the schools in the area have become academies.
I also worry that the academy concept and the apparent joy of competition in the schools sector is failing to recognise that schools are not any old business. You can't really have schools constantly failing and being swallowed up by other schools that become ever more big and powerful when you are to a large extent constrained by physical space and location, school populations that require some kind of consistency and certainty in provision, and can't really sack half the staff and replace them with a call centre in India.