The chassis itself is strong. Depending on what motor you use, you could have a bulletproof sled. If you get a mod motor though, you could spend lots of time tuning, which depending on how you ride, could be no fun.
The downfalls are basically the conversion properties. You will need more cooling...there's options out there, it's just deciding on one you want/like. You may also need the the shocks revalved. They are setup pretty stiff for sno-X. You will also want a 10gal tank, which will run about $400.
All I have to really say is do LOTS of research before you get one!
I have an '06 with an '05 700 EFI from a Firecat. Strong motor in a strong chassis. Should be a fun ride once I get it tuned properly! Here's mine...