Are there any downsides to using UPX to compress a Windows executable?

I'm surprised this hasn't been mentioned yet but using UPX-packed executables also increases the risk of producing false-positives from heuristic anti-virus software because statistically a lot of malware also uses UPX.

... there are downsides to using EXE compressors. Most notably:

• Upon startup of a compressed EXE/DLL, all of the code is decompressed from the disk image into memory in one pass, which can cause disk thrashing if the system is low on memory and is forced to access the swap file. In contrast, with uncompressed EXE/DLLs, the OS allocates memory for code pages on demand (i.e. when they are executed).

• Multiple instances of a compressed EXE/DLL create multiple instances of the code in memory. If you have a compressed EXE that contains 1 MB of code (before compression) and the user starts 5 instances of it, approximately 4 MB of memory is wasted. Likewise, if you have a DLL that is 1 MB and it is used by 5 running applications, approximately 4 MB of memory is wasted. With uncompressed EXE/DLLs, code is only stored in memory once and is shared between instances.

http://www.jrsoftware.org/striprlc.php#execomp