No, in fact I see several disadvantages.
One of the main technical difficulties of a large accelerator is the fact that it changes shape to a degree much larger than the alignment tolerances. At LEP (which used the same tunnel that the LHC will use) they even have to compensate for the tides. In orbit the tides would be much worse, to say nothing of the problem of thermal warping.
More immediate concerns are our inability to construct large structures in space and our inability to deliver huge amounts of power in space, but presumably these tasks will someday be tractable. They will never be cheap, though.