If there is one inherent advantage, it is only that they have very little competition for fans or attention sitting there in Fargo. You could draw a 3 hour radius around them, and there is very little in the way of other sporting options, certainly very little in the way of football. But you could say the exact same thing about several areas of rural america.
But I am not in camp of people who think they should just go FBS. One, I'm not convnced their model would translate well at the P5 level .. that game is much more about big time playmakers who play in space. NDSU does not do that. And the P5 grind would take a toll on them .. they are bigger, faster, better, and deeper with those players. I'm quite sure they would do very well at G5 level, but I don't know why would prefer G5 to FCS .. there is moderate difference (less difference with MVFC) and no true champion.