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Only class 1 certificates are available (the kind others charge $10 or more for). Lets Encrypt does not do Extended Validation or EV certs, nor does it offer insurance or the other features traditional vendors offer. How much of a con this is depends very much on how much you value those services. See More
In an unethical move, Comodo has attempted to register trademarks for "Let's Encrypt", a competing SSL certificate provider, claiming their "90 day business model" was stolen, despite Let's Encrypt being a non-profit CA. Source: https://letsencrypt.org/2016/06/23/defending-our-brand.html See More
The fatal flaw of a Certificate Authority is pretending that they can be trusted. Individually, they can, but as a whole there are always CAs that are controlled by state actors or subverted by bad guys, and by using them you are betting that any abuse is discovered and handled quickly by the community. Running your own CA is placing trust only in yourself - you are not relying on a third party to vouch for a given certificate. That can be invaluable, or worthless, depending on your need. See More
Running your own CA costs you no money, but will cost you a certain amount of time and effort; moreso if you do it right. A good admin who knows what they are doing can set up in an hour or so, but you will also have the ongoing task of adding your CA to the trust store for the browsers you use. See More