I grew up in a christian home, and there were many advantages, like what Diane says above,
The danger of growing up in a Christian environment is two-fold. The danger of Phraiseeism and hypocrisy.
Too many times we do not educate children in their Christian walk, merely in their Christian look.
I was a professional christian by the time I was in high school, but in truth I was not walking in step with the spirit. It has taken a couple doses of real life to draw me closer to God, and the accountability from some of my friends to help me make heart changes.
Now, my parents were not at fault for that, actually I would not have come through some of that without them, and they were very careful to not make Christianity into a legalistic set of rules, but tried to teach us principles that applied to many different situations. Much of the outside infulence of church, school, etc. was what sometimes made me doubt the consistency of many "Christians"
Our pastor calls the work of many fundamental churches and schools these days "washing the pig"
an interesting analogy, and unfortunately true. We teach kids exactly what we believe is right or wrong, without teaching them and helping them develop the ability to discern for themselves when something new comes along. Teaching kids to have a heart for God is much harder than teaching them "the list"
A Christian home is a great advantage, as long as it truely is a home that draws the children and the parents closer to Christ, not just Christian in that the members of the home attend a "Christian" church.