I'm not particularly political, but it seems to me that this Govt is quite anti Local Authority control over schools and in order to get rid of what it sees as "loony left" ideas is trying to get rid of Local Authorities altogether by incentivising (? not sure if there is such a word) schools to become academies. Currently, schools have a % of their income sliced off to give to LAs to pay for centralised services such as ICT support, payroll, HR etc. Also to pay for resources such as specialised teachers who will come to to advise on children with behaviour problems, children with EAL, children with ASD, pre-school counsellors, children with SEN. Also, curriculum advisers who provide training for staff. This is based on the school's income so currently some schools are subsidising the services provided to others.
So a headteacher may be thinking that he/she doesn't have any children with EAL, ASD, EBD etc and has very wise and experienced staff, so in fact this money would be better in the pocket of the school than the LA. In my LA, nearly all the secondary schools (which is where most of the LA money came from) are now academies and LA staff are very thin on the ground indeed. So it's a bit like a domino effect - which is what the Govt wants ... it will get to the point where it makes no sense NOT to be an academy. The last Tory Govt did something similar with Grant Maintained schools, and one of the first things Labour did in the late 90s was to get rid of them. I'm thinking Gove is trying to get to the point where that's not possible.
So in terms of your individual school, they will get some extra money at the start to help them sort out all the legal bit. The money that would have been given to the LA will go directly to the school to buy in services. They may have to employ extra admin staff to cope with this. They will be a little more free in terms of the curriculum they offer (but the curriculum is being reviewed anyway). Day to day for the children things should not change that much. But even if the school ring-fences budgets at some stage the head may someday have to face the fact that there is no money left to support a particular child.