I have my ADA stored in Daedalus. Is there any advantage/disadvantage to storing it there as opposed to a hardware wallet (when support is available)?
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Your question is very all-inclusive so let’s narrow it down a little, on a hardware device, your secret key(s) are stored in the tamper-resistant and PIN-protected hardware device and are secured against computer viruses, mostly.
Hardware security modules/devices have been around a long time, very few are open sourced, hardware and software, so one must trust the provider that no backdoors are installed.
I suggest that you read Glacier Protocol, yes, it is for Bitcoin don’t let that deter you though, every whale I know stores their Bitcoin this way, everyone, no one uses a Ledger or Trezor wallet. The same features are coming to Cardano soon, as you read that pdf substitute Bitcoin for Cardano to know the future.
One of the things that makes a hardware wallet secure is it doesn’t trust the computer it is plugged into, Glacier Protocol is the same, it does not believe any provider is trustworthy.
In the end, you are putting your trust somewhere, Daedalus has some amazing features (more coming) that no other wallet has, Daedalus is secure if your computer is, add a spending password to your wallet and you have increased your security a lot.
Seeing that most hardware keys are $100 I would buy 1,300 Ada, more or less, today and forgo the hardware key and use Daedalus to generate a paper wallet instead; but that was not your question was it. 
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Thanks for the info. I appreciate it.
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Thank you for your very helpful post, @Jotunn
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