Simplicity - dedicated router wins 10 out of 10. Flexibility, for home use, I doubt anything can beat pfSense with few inexpensive Wi-Fi access points spread throughout the house.
Year and a half ago, I built dedicated server based on Asrock E3C226D2I mini-ITX motherboard. And, while it comes with 2+1 Intel LAN ports, I couldn't resist getting cheap Intel i350 based quad port, half-height card off of eBay. Installed free Microsoft Hyper-V 2012 R2 Server, pfSense as one VM, Blue Iris security camera server on another, and 2-3 more VMs covering other tasks (web server, offloading recorded shows from Telus Optik TV PVR via Hauppauge HD PVR 2, etc.)
Took some planning, but I wouldn't go back. Now getting into IPv6 since Telus activated it earlier this year. Open VPN server alone on pfSense is worth a lot. I had Open VPN previously running on Asus RT-AC68U, but there was always one issue or the other, even with Merlin's firmware. Much smoother now, and utilizing full speed of 50/10 Internet connection, since Xeon's do AES-NI acceleration in hardware.
I realize it's not for everyone, but if you are technically inclined it can be done relatively fast. Cost effectiveness of my setup is questionable, but I didn't do it for cost. If you are looking for cost effective(er) solution maybe one of prebuilt pfSense boxes makes more sense. Still offer 2-6 LAN ports, just can't run VMs on it. Check product page oh pfSense web site.