There are downsides if it is not configured properly or if you try to guest cache the whole site. Generally speaking, there is not much of a pronounced downside at this point in time.I haven't used Cloudflare for caching in a long time but there are some downsides that I remember, I assume they are still the case?
This is correct. You have to move your nameservers to Cloudflare.You need to use Cloudflare as your domains DNS provider so they can update the IP address automatically, correct?
Yes, you have to change your DNS A record back to the original server IP. If you are still at the same host, however, it may just be a matter of changing the nameservers back to whatever they were, assuming new DNS entries weren't added. It is easier to export/import DNS tables these days, though.If you ever need to move away from their service for any reason, you will have some downtime associated with DNS caches and moving it to another provider/IP?
There are now occasionally one or two datacenters that go down, but Cloudflare as a whole has not gone down in a long time. I'm not sure how long its been since the last major outage. Typically what happens now is similar to when parts of AWS, Google Cloud, or Azure go down, and they reroute the traffic to a different node.There is also the issue that Cloudflare has had outages so you are adding another layer of complexity and a point of failure into the mix. I'm assuming all of these are still correct?