You can only be a were wolf once a day and your armor unequips whenever you change back, and in my experience they're not as powerful. Only real downside of vamps is you can only really be outside at nighttime (you can just wait till night) and you have fire weakness.
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[i]Wait[/i] until night? Don't you mean [i]sleep[/i]? Anyhow, you can be outside during the day, it just halts regen, something that can easily be circumvented with a Restoration spell, the Respite perk, and amything with Magicka regen.
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No? You can wait by using the wait button
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HERESY! >:o