The main drawback is sourcing fewer copies exist than standard sets
Past the commanders, cards like Chasm Skulker allow you to build piles of counters just for drawing cards, so when it dies, you can create X 1/1 blue squids, where X is how many counters you had
Squee's ability doesn't prevent you from casting Squee from any other zone
A digital caliper catches this instantly
Other lands, like [c]Den of the Bugbear[/c], can tap for mana and have additional abilities too
For years, there werent a lot of ways to abuse this land, but with the printing of The Gitrog Monster and Titania, Protector of Argoth and the additional redundancy that Ramnunap Excavator adds to Crucible of Worlds style land recursion, its relatively easy for a focused Commander list to negate the downside on Lotus Vale and turn it into a permanent Black Lotus level ramp spell that cant easily be dealt with