Each of those reasons why not can be fairly easily countered. The bottom line is: will you enjoy running your own fund? If you think the admin will be a hassle, don't do it. If you have members that are not aligned, don't do it. If you're happy with the returns of the average fund, don't do it.
Large fines, costs, loss of protection, insurance, wind up issues etc, all speak to a situation where people don't like doing the work and/or are in with someone they don't trust. If that's you, don't start an SMSF.
On the other hand, if you actually like doing the work because you can see the rewards then go for it. Its not a permanent decision: you can wind up your fund at any time and revert to a commercial fund.
I run my own fund with my wife and have done so for 22 years. I am very happy with my CAGR of the fund compared to commercial alternatives (and that includes the big hit of the GFC). Its not for everybody and I'd have to say if you're asking its probably not for you.
