Here's a list of some of what we're doing. We haven't been very diligent about keeping track of it all, so listing it here is kind of an exercise for me to start working on that.
We're working hard to keep from using judgmental/subjective words like good/bad, like/dislike, etc. We're also starting to incorporate Nonviolent Communication patterns and concepts. We use they/them pronouns instead of gendering them. If they want to do something, we strive to help them do it as long as they wont be maimed or killed. We ask them for consent before changing their diaper, touching them, picking them up, taking things from them, and performing medical/dental procedures on them. We've named them Uni Verse All. They wear whatever clothes they choose, no matter what gender they may seem created for. I'm genderfluid and do the same. I also shower once every 1-2 weeks, stopped using shampoo about a year ago and am about to stop using soap on my body, too. We aren't teaching them about property currently and may not ever, choosing to instead describe things as "living with" someone. I'm developing a spirituality with a component I call "radical ignorance," which is essentially a sort of Zen "beginner's mind." It recognizes that ignorance isn't an excuse, but a spiritual reason for doing things, which runs counter to the US's legal reasoning of "ignorance of the law is no excuse for breaking the law." My partner and I are intentionally staying out of the workforce, instead choosing to serve people in our community alongside Uni, which allows both of us to be available so they can have their choice between us. Anytime one of us is choosing to not let them do something without there being a safety issue, the other ideally defaults to helping Uni do what they want. When they get hurt, we bring their attention to the pain and teach them to mindfully experience it while breathing through it.
As for the drawbacks, we're currently designing a community anti-adultist homeschool model that focuses on collaboratively learning our needs over what schools typically teach and allowing the students (of age 0-200+) to choose the contexts for learning. So they'll probably have an interesting intergenerational peer group to blow past the world with.