In my opinion, there is one big issue with wiring. You can’t really SEE what is actually going on. Everything happens instantly once you flip the switch. This isn’t a big deal if you just want to build simpler door mechanisms or traps, but when you have a huge chain of logic gates, things will quickly become rather confusing… To resolve this problem, I have created MechScope, a TModLoader mod that can pause and visualize the wiring execution process. For more information, please visit the terraria forums.
MechScope - Wiring visualized

Thanks to yfdyzjt for porting the mod to tModLoader 1.4.