There are both, that's for sure. The downs? Editing is a worry for many of us. I'm lucky, since I have not only the Brit school system, but many years of working in an environment where I needed to write and edit effectively. (Not books, but scientific materials.) Cover art has to be created – again I'm okay since I do freelance art when I'm not writing. Biggest headache can be formatting for the various sales venues, but with patience, even that can be accomplished.
I'd love to be anywhere with you and Cathy! That's an enormous honor and compliment!!! There are two things I tell people when they ask for advice. First, read, read and read more. I'm a firm believer that the more books you read, regardless of topic, the better writer you become. You absorb the "feel" of a story and the way it should flow, along with pacing, and it becomes second nature when it's your turn to write your own novel.