one problem: you'll have a bit of a hard time finding a brake that can reach down far enough. there are solutions for this, however; you can either purchase a drop bolt, or see if the shimano long reach brakes can reach down that far. i took a more drastic approach, filing my brake shoe holes down until the shoes reached the rim. I had an oldschool caliper, however, that was longer reach than the new ones.

if you don't run brakes, the only other snag is the way it looks. the huge clearance places your wheels farther from the tubes and it looks a bit fugly overall. but nothing huge.

here's my 27" frame with 700Cx23's: http://www.cs.pdx.edu/~marius/pics/fix2/3.jpg