Go to this page:
http://www.mtu.com/basics/karaoke-hosterlite.htm
All of the features listed there are reasons to use HOSTER LITE, for even the smallest of hosting venues. You'll see that Microstudio does not have near the features which should help answer your question regarding drawbacks using Microstudio to host a show.
I don't think you can go wrong for the money with Hoster Lite.
I hope this helps answer your question.
George