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I recently purchased my home this year and it was a foreclosure as well.

Downside:
-neglect from the lawn to routine maintenance (cleaning/painting) to water bills (What do you mean there is a $2600 water bill? FOR REAL?.... HUD took care of it but when you cant -turn the water ON..... oh and WHEN you do get the water turned on, and nothing happens.... is there a leak between the water main and the house? Are the pipes frozen? What do you mean they took ALL the toilets!) Ahhh good times.
-Items the seller usually pays for; survey/title search is all up to you
-there is little to no negotiating with the bank or government, so the house comes 'as is' Its all buyer beware. If you didnt find something or even if you DID find something in the inspection, YOU have to fix it.
-locks and bolts all SCREWED into the trim and doors EVERYWHERE.
-I could go on?

Upside:
-Equity! Like Powers mentioned, you can pick these houses up for less than they are normally worth, and you CAN make a profit if you dont overdue it. LOCATION LOCATION LOCATION!
-No nasty sellers to deal with