I can't think of any negatives right now.
As for sand or rock, that is really personal choice. If you are looking to have more copepods and other life multiply in the fuge to feed your tank, then I would reccomend sand and or rock. A little rock is also nice because it gives the caulepa something to attach too and not just drift around.
As for maintenence, prune out some of the caulerpa when it starts to get overgrown.
And for light, can use whatever you have available (I have 2 175w MH on my refuge :twisted: ), keeping in mind the more light you have will usually translate into faster growth. Many people use power compact lights that are designed for outdoor landscape lighting at the hardware store, I have had good experience with these too. The color is gross for a reef tank but works great for macroalgae.
I run my refugium lights on a timer that is different from the lights on my tank, and this has really helped even out pH fluctuations