The limits arise mainly because you are limited to using software that works with the Chrome Operating system, and that means, for example that you cannot use Skype, but they are currently working on it. They offer Google hangout in its place, which is just as good, but useless if you want to communicate with someone in China, where Google is largely blocked.
You also have to connect a printer via wifi, so if your printer does not ave wifi capability you'll have to replace it; but there are wifi printers for well under £100.
Also, if it is vital that you use Microsoft Word, for example, you cant - all documents are created in Google Docs, online, but they are compatible with Word.
But if you do not need such matters, and use the thing mainly for online work, it may be for you. I am a fan of the Chromebook, but the later generations will have a much wider compatibly if you can wait.
One drawback of the current crop is that the screens are are, frankly a bit too small for working on most documents, if that's what you want to do. But that's a personal view, and anyway it's just a hardware matter, and I have no doubt that bigger ones will emerge soon. My advice is to go to a sensible shop (John Lewis is always very helpful, in my experience, if there is one nearby) and have a play with one, before you buy.
One 92 year old I know is managing fine with his, although inevitably there have been setbacks, but these arise mainly from it just being different to the deceased windows laptop it replaced.