thinkng of going hydro

I m not new to growing, but I have never grown hydro. I would like to know what advantages and disadvantages to growing hydro are. I was also wondering what would be the cheapest way to set up a hydro system.

I've done soil and water..I like a lot about both but my favorite thing about hydro is that everything is basically on a timer, even the watering. I have an air pump that is on a timer with a foggger, lights that are on a different heavy duty timer, and lastly a water pump thats on a timer to periodically stir up my water so it is evenly mixed. I can trust that my plants are going to get watered everyday. All I really do it manipulate things here and there, check PH and adjust the water/nutrient amount accordingly.