The only downsides I can see to soloing are 1) you do limit your chance of meeting new people to /friend and 2) you miss out on the "group dynamic."
Imo those downsides to soloing are VASTLY outweighed by the perks, most of which have been mentioned already in this thread, especially since you can mitigate/eliminate #1 by joining a guild and you can still join a group when you want to to get your fix of #2.
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