PHP is new but evolving, you can't say it downsides, it's more like areas that need more research and attention.
It surely got lots of advantages over other scripting language, reasons for it's growth
One of the major downsides of PHP is its habit of throwing up back end code on to users screen. This happens mainly when there is too much usage , when it fails, it shows the code. It is the only major problem i have come across in PHP.