Scheme uses a single namespace for all variables, regardless of whether they are bound to functions or other types of values. Common Lisp separates the two, such that the id
The biggest downside I see, at least for Common Lisp, is understandability. We can all agree that it uses different namespaces for variables and functions, but how many does it have? In PAIP, Norvig showed that it has "at least seven" namespaces.
When one of the language's classic books, written by a highly respected programmer, can't even say for certain in a published book, I think there's a problem. I don't have a problem with multiple namespaces, but I wish the language was, at the least, simple enough that somebody could understand this aspect of it entirely.
I'm comfortable using the same symbol for a variable and for a function, but in the more obscure areas I resort to using different names out of fear (colliding namespaces can be really hard to debug!), and that really should never be the case.