The upside is that you can replace multiple "normal" ops people with just a few K8 folks but that also requires a bit of culture change of how you do development.
It is not remotely easy to actually use and understand all parts of a massive system, at least ours.
Two big drawbacks.
First, with k8s itself is _stability_. K8s was a design-by-committee attempt to make Borg 2.0 with open source. It had massive feature development (which continues), but little actual real usage of those features. So it has taken a long time for things to get into a good shape. Things are much much better now, because of the popularity. "Given enough eyeballs, all bugs are shallow". But expect to debug things, especially if you use a feature not used by GKE.
The other big downside is it takes a lot of domain knowledge to manage it, and keep up to date (there is no LTS version). There isn't a standard way of deploying it into on-prem either. So that stuff needs to be built.
Thing is, we have also run into really bad things in our puppeted infrastructure that we run on vms and manage with terraform. Like the time I accidentally ran a command in the wrong folder and deleted 120 vms :). Well maybe that was just me and a deficiency of our tooling, but anyway one thing is for sure: k8s makes it far easier to recover from situations that arise, once you understand what the problem is and update the cluster with the right state, the controllers will set things right.
Not really a horror story, but we ran into some mysterious behavior when one of our services appeared to alternate between two difference instances of an app. It was amusing to find someone had deployed prod specs to both prod and dev clusters, The only difference being their dns. The result was a fight between the two clusters' dns controllers to sync the A record to their respective endpoints.
Maybe in a few years it will be nicely stable. Otherwise you make someone like Google, Microsoft, etc run it for you.
Or skip the complexities and use something operationally simple and sane like Nomad or FreeBSD Jails.