When you get to the point where you have a large number of tests, changing the system might require re-writing some or all of your tests, depending on which ones got invalidated by the changes. This could turn a relatively quick modification into a very time-consuming one.
Also, you might start making design decisions based more on TDD than on actually good design prinicipals. Whereas you may have had a very simple, easy solution that is impossible to test the way TDD demands, you now have a much more complex system that is actually more prone to mistakes.
