The main drawback of cybernetics would be upkeep and upgrades. At the pace technological evolution is at currently, you have to change your computers and cell phones every few months to keep up with the latest advances. Would you be willing to go in and have your cybernetics upgraded as often?
Imagine the cost.
Also, cybernetic augmentations would not carry over through reproduction. So you'll have to budget each child's cybernetics.
Nanotechnology might simplify the installation and upkeep processes, but it would still be unpleasant and costly.
Biological and genetic engineering is most likely the road humanity will decide to follow if they decide to take control of their evolutionary path. The biggest benefit would be if the changes were such that they could be passed from parent to child. However, there's no saying if the parents upgrades would be compatible or cause some unforeseen mutations in the offspring.
In the end, you have to ask yourself, would it be worth it?
[UPDATE]
This article was originally written in 2009, and since then we haven't seen much public motion in the area of human cybernetic implants - though there are quite a few more wearable computers (smart phones) on the market today; but there are still those who are continuing to play with and develop the technology.
One of the pioneers in this area, Steve Mann (the father of wearable computing), was recently accosted by a group of men in a Parisian McDonalds [link] who took issue with his cybernetically attached "Digital Eye Glass" and tried to physically remove it from his head:
He angrily grabbed my eyeglass, and tried to pull it off my head. The eyeglass is permanently attached and does not come off my skull without special tools.Read More at HuffPost.com
I tried to calm him down and I showed him the letter from my doctor and the documentation I had brought with me.
Below is a video from 2010 where Steve Mann talks about his EyeTap technology :
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