The drawback is that it will "drop" or "consume" about .7V from your circuit. If you are running off of "extra" batteries and have the current to spare too, it can be a good thing.
But in general, I'd say you are better off either designing for polarity protection through a mechanical means, or just be darn careful when you insert batteries.
If you use one, be sure that it will handle the power that is drawn through it: On one of my first LS designs (running from a 4V Lead Acid battery) I used one INTENTIONALLY to drop the .7V, however the one I used was too small and it burned out AFTER I had "potted" it in epoxy. What a mess.