I went to a well-known girls boarding school in the 80s. My sister, who is two years younger than me, went to a day school.
Without a doubt, my sister has a much better relationship with my parents than I do. She phones them regularly, they give her money, they give her children money, they help her decorate, etc etc. I do not phone them regularly (what on earth would I talk to them about??!) and they certainly don't give me or my children any money, or help me decorate. And I would not ask. We are just not that close. Oh, don't get me wrong, my manners are impeccable, and to the untrained eye, if you saw us together, you would not notice, but there is undoubtedly an invisible force-field there keeping us at arm's length.
It has also spoiled my relationship with my sister. She was envious that I got to go to this great big public school, and every time I came home for a weekend exeat, I felt like an intruder, particularly in the relationship between my mother and my sister.
As a boarder, you become expert in not telling your parents when you're upset (because you don't want to worry them) and then of course, you start not telling them the good stuff either because you've just got out of the habit of sharing anything with them.
Possibly very different now with email and mobile phones, but still very easy for a child to hide behind.
I was perfectly happy at school however, so if you think you can compensate for the inevitable emotional distance that will come with the physical, then that's your choice. Personally I enjoy my children and love every tiring minute of them.