I too have always wondered why cisco prevents me from using a layer 3 switch as my main internet routers when I do not have to worry about nat. It is much cheaper to get a layer3 switch that has lots of 10g ports and it has much higher total throughput.
So one day we just tried it...everything looked good until we turned up the BGP peer with the ISP. Seems there is a very low limit to the number of routes you can have in the routing table of a layer3 switch. It varies between the models but almost all are well under 10,000 and just one copy of the internet routes is 400,000 prefixes and normally you have 2 or 3 copies when you are using multiple ISP.
Seems HP and juniper switches have a similar limitation so there must be a...