When you're out and about, your devices tunnel home automatically, knowing the endpoint is trustworthy (which is more than can be said about traditional VPNs). All your photos, tweets, posts, and all other brain farts straying into the open world are never sent out directly by the device they were produced on, but by the server at home instead.
Tor could finally work as intended, with millions of boxes in the network, all handling each other's traffic. Add new projects like IPFS, and the whole centralised cloud bullshit starts to crumble. Not just from a privacy pov, but features. Your home box talking to the neighbours' home boxes by itself is a whole lot more powerful than all parties meeting on some obscure server somewhere, although I find myself quickly coming back to privacy when thinking about advantages. I do hope there is room for other big features, otherwise getting this box into peoples' hands will prove difficult.
I see it as a kind of decentralised centralisation: your whole digital life is based on this one machine, but it's in your home, you own it, and you can do with it whatever the heck you want. No ads (!), no monetization of your private data, which stays in your hands at all times, except of course once you share. Still, then it will be in the hands of those you shared it with, and hopefully not huge corporations with little incentive to do no evil (who the hell thought this was an appropriate company motto?).
Most everything for which we turn to Google and Facebook can be done much more privately at home (office things, communication, sharing shit...), except maybe search. I have little problem in keeping Google as a search machine (they do a great job) once they stop waiting for me at every. single. corner, and following me around the bits inbetween. Decentralised search is hard, but I'm fairly optimistic once a basis is laid out, someone smart takes on the challenge (and is able to solve it, too!).
Regarding your last sentence, rethinking our economy isn't a bad idea in any case. Capitalism is fundamentally unfit to be a fair system, and if a socially fair system is what we want, we have to get rid of some ideas (like this infinite growth nonsense, or that education is obsolete. Education, in whatever shape or form, is the only way I know of how humanity is not going to spiral to its (intellectual) death).