Another drawback I don't think anyone has mentioned.
I am a Dark Elf betraying to Qeynos because I want to be a Paladin. Ever since I heard there were no Race/Class restrictions I thought a Dark Elf Paladin would be very cool.
I won't ruin the roleplay of the quest, but you are executed by Lucan and cannot retrieve your soul shard. I am still waiting mine out, I think it's 3 days. The run Through Nektulos is tough, but doable. I had a guide from my guild, and it helped immensely.
You then have to kill 500(!) Gnolls, several ^^ named Gnolls, and I think some Human dude who's also ^^. As soon as you get to Antonica and get your quest, go to the Tower of Vhalen. Inside you will see a Bell, click on it to recieve a quest to slay 40 Gnolls. There is also a quest to kill Gnoll Miners inside of Blackburrow. This is given to you by a young Squire who serves his Knight at a camp not too far to the Southwest of Blackburrow. This is where you'll respawn if you die in or around Blackburrow.
Those are just two quests that stack nicely with your newfound crusade against the cruel, crafty, calamitous canine creatures. I'm sure there are more to be had, but if you'll excuse me my blade cries out for more blood and fur!