The main draw backs are that you're not getting Intel's "Limited Unlocked" feature, which is where the K comes from. It basically just means that the CPU settings BIOS will not feature a clock speed multiplier, necessary for overclocking the CPU. In this instance, you want to find turbo boost clock speed and overclock using that. Your CPU must be either an i5 or i7 for this. If you can't find a turbo boost clock speed, then I'm afraid it's likely the CPU is locked completely.
If you purchase an i5 4690 for example, it's the same as the 4690K except overclocking is easier on the K. I wouldn't be "smart" to purchase a non-K CPU, however if you can successfully overclock than it's called good budgeting/money saving. I'd recommend just buying a 4690K. I've one myself, and it OC's very well. It's also the best i5 on the market, AND the best bang for your buck i5.
You also should make sure to have a Z97 chipset to overclock.