A "long hose" (5 or 7 foot) has a ton of advantages. Surprisingly, it's much more streamlined than traditional hose lengths, because there are no large loops of hose standing out from the diver. Everything wraps neatly around the body. And if there is a need for air-sharing, it is comfortably possible to swim side-by-side, if that's the most favorable strategy for getting home. (In some cases, although a direct ascent to the surface is POSSIBLE, a swim to another ascent point may be preferable.)
Five foot hoses don't always work for people with broad shoulders and chests -- the length may be stingy enough that they have trouble turning their heads to the left. A 7' hose, however, is adequate for anyone, and gives you the option of gas-sharing in single file -- which should NEVER be a necessity in recreational diving. If you are not using a canister light, you may need to put something on your waist belt to retain a 7' hose -- a pocket, a knife, even a weight, or DSS's clever hose retainer will do.
The ONLY downside to a long hose setup that I have encountered or can imagine is that you have to be a bit diligent about managing it. Having a huge loop of hose hanging off your gear on the boat can be an annoyance to other divers. Not securing it properly on your person can result in getting hung up while trying to enter the water.
I have dived a long hose setup since about my 40th dive, and I dive it on both single and double tank dives. I would not dive anything else. I love the neatness of a properly routed 7' hose (even on my small person) and the options it gives me.