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When space opens up, I will be moving my Linode to a datacenter closer to my new home, which requires a new IP address. There is at least 1 - 2 days of confusion when a name server's IP is updated. This can mean lost or delayed email and an unreachable host.
This is why you have backup DNS servers, so long as those are running at the same addresses you won't have any DNS issues during the transition. If you have services that are only running on your Linode and you change IP addresses, yes, you will have some downtime.
To answer your question, the only reason I run my own DNS server is because I'm using features that aren't offered by the various DNS providers out there. This includes LOC, SRV, and AAAA (IPv6) records, along with dynamic DNS. The other advantage is this allows you to easily change your (backup) DNS provider without having to re-enter all of your DNS entries via a web interface. I guess this ties into the bulk updates argument as well.
Drawbacks, its ugly and more complex. BIND is not very user friendly when it comes to telling that you have a problem with your config files. And yes it has a history of security issues, but they will get fixed just like any other packages you have installed, be sure to get your updates. But you don't have to use BIND, there are other nameservers you can run on Linux that might not be as painful.