Of course one limit is that you can only have as many Public View Documents as you are licensed for. But you can always edit an existing document and remove the Public View license to reallocate to another.
The key limitations of a Public View Document relates to the fact that Guest Viewers (or anonymous viewers) have access to them.
Here are things that Guest Viewers cannot do:
- Schedule a document to their email
- Save dashboard filters into a personal view
- Audit logs will not show who executed the document (they are anonymous)
- Save prompt preferences on a dashboard container
Other than that, all the power of a normal document applies to public view documents.