I' ve used the No-Peep for 3 years now on my hunting rig and will never go back to a peep sight. The benefits in low light alone beat out any, if any, of the negatives. I havent found any negatives yet.
After using it for a while, you will notice that you will anchor correctly without even having to look at it. But trust me, when the moment of truth comes around on the big boy, you can be rest assured i' ll be takin a quick glance at my No-Peep.
As Dick stated, you' ll also pick up a little speed by taking your peep sight off, and this also quiets your bow a little.
Hope this helps.