(the main drawbacks being: sort of a hassle to input repeating events, no means to automatically sync external invitations and updates to same, no easy way to look up location information in my phone's map software without manually typing in addresses or venue names, difficult to selectively share events)
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@aparrish it can be a real pain to "back up" paper notes, so if you misplace your calendar book you can irretrievably lose a lot of information on appointments.
I still make this trade-off and enjoy journaling and writing notes on paper, but it has been devastating on the couple of occasions that I've lost an in-progress paper notebook.