Considerations
As with everything, there are two sides of the same coin. Therefore, despite the benefits that procedural level generation brings, there are some considerations and compromises that need to be made.
A lack of control
A lack of control is a common pitfall of procedural generation in general, but it's perhaps never more prevalent than when generating levels. Game levels are the arena in which our stories are told and our game mechanics are experimented with. Given that, they are usually handcrafted by dedicated level designers. Leaving this job to an algorithm results in a significant loss of control.
Games with simple mechanics and stories will generally fair okay, but if you have complex mechanics or a story that you want to tell in a particular way, procedural level generation may require you to relinquish more control than you can afford. An algorithm can never replicate the little touches that a seasoned professional brings.
Required computing power
Another consideration that...