I don't think you're missing anything significant. I can think of two smaller things, though: a pro and a con.

On the "pro" side: lenses are almost universally weaker at the edges and corners, with increased vignetting, loss of sharpness, greater chromatic aberration, and so on. By cutting off the edges, you're cutting off the technically worst part.

On the "con" side: if you make prints, and especially if you order them from a commercial service, the edges are often not 100% aligned there either. If you compose and crop tightly, you may end up with stuff you wanted cut off.

And, I guess, not really con but maybe something to be aware of: you're decreasing the apparent field of view of your lenses by a small amount. If you're using prime lenses (or often use an extreme end of a zoom) you may become accustomed to that exact framing, and if you switch to a higher-end body with 100% coverage, you'll have to relearn. This mostly depends on your style, and how sensitive you are to that kind of thing. I mention it because the fact that you are thinking about this at all indicates that you might be.

Overall, though, I think you've basically got the advantages and disadvantages down.