there are some Benefits and Limitations of WordPress.com Blogs. I will list main points here.
Limitations of WordPress.com Blogs
1. No Advertising
2. No Sponsored / paid posts
3. Limited Theme Customization
4. No Plugin Uploads
5. No WP Code hacking
6. Paid Upgrades
7. Violate TOS and Get Deleted
Benefits of WordPress.com Blogs
8. Its Free
9. Survive Traffic Spikes
10. Spam is No Problem
11. Freedom from WordPress Upgrades
12. Automatic Backups
13. Free Support
14. Preview New WordPress Features
15. Blogging Simplified
I hope this will you in decision making.