The only downsides I can see is that they aren't as pretty, and the hole in the end has the potential to let more dirt/grime access to the studs, but that doesn't seem like a problem to those running steel wheels with the appropriate steel wheel lug nuts.
IMO the pros definitely outweigh the cons.

I guess I should have stated that the breaker bar, cheater bar, and deepwell socket is my trail go-to preferance. But I have my wheels off so much doing work that my lug nuts are in very good working order and I never need the 3' cheater.
At home I use my 27mm deepwell on a pnuematic impact. Best $15 Craigslist find ever.

 

Never Seeze on the threads and face of the washer keeps things removable.

I do agree with the Never Seeze, and any good quality socket and large enough drive /cheater bvar will do, but I will still prefer my 4 way. I can get plenty of leverage to get them good and tight or take them off with zero problems encountered plus I like the controlled feel of doing it that way. It never slips off and is a breeze to use.

 

the reason I asked is the only downside I could think of was rust

 

I think without the caps they look like ***, and they are a odd ball size and no socket will fit correctly.

 

Looking like *** is your opinion, true. However it is not true that a socket won't fit. A 15/16" socket fits perfectly.

 

As far as looks goes, if you don't like it, you could always remove the caps, insert a wooden dowel from the wheel side just shy of the end of the nut, fill the hole with JB Weld or the like, then when it's set clean it all up and paint the nuts. That would be one option. Another would be to clean them up and paint them.
For the first option you'd probably want to smear the end of the dowel with grease so the filler doesn't stick.

 

good *** or bad *** Spike?

 

I would rather have them look like *** then get stranded on the side of the road because I cant get my wrench on them

 

Exactly. Then you'd look like the ***, being the guy that can't change his own tire.

 

thing is we can resolve it but a wife or regular driver could get really screwed. i'd cut them and then look for solids. they're around.