I can now say I've done/or doing both - lived at home for my BA, am in halls for my MA. Living at home has the best of both worlds I feel - your own room, your own house etc - food available from parents or cook yourself; no dragging of laundry across campus; oh and cost!! I had a fab time at uni whilst living at home and still had a very busy social life. If you get involved with uni life, meeting people for drinks, grabbing lunch together, join a sports club etc etc. It's only when people go straight home after lectures without saying two words to anyone else that causes the "you miss out on everything". Plus once you get to know people well enough, there's nothing stopping you crashing in their room after a late night. Don't forget though that once you're in your second and third years, very few, if any students will be on campus so everyone at some stage will have a commute of some kind, whether it's 5mins or 50mins.
I can see the attraction of being in halls on campus. It's so nice to be able to just leave my room and be at the library in 5mins time and everything's so close. I've not had the social side yet but I am in PG halls so that's most likely why! I've only really seen people in the kitchen and this is before even anyone's course has started so once everyone's got work to do etc, it'll be even quieter. UG first year halls will be completely different though!!!