The ONLY downside to them all being 119.... is that the moment the game goes beyond 119 we're almost back to square 1 again. (I say almost because they'll still have iLvs... so... it'll just be the damage/stats that will be outdated by anything greater than 119.)
I do believe SE will be much slower about increasing iLevel's from this point on. They did too much too fast in jumping to iLevel 119. It would be best for them to move more slowly as there is still a ton of 119 gear not available, like the rest of the sets, or crafted / KI versions of some weapons.