First and foremost, I am not trying to undermine the importance of SharePoint Designer when it comes to authoring workflows. It certainly is a handy tool at times specially when it comes to quickly authoring and deploying workflows. It provides several advantages including ability to quickly author and test workflows, simplifying deployment process to name a few. But here are few reasons NOT to use SharePoint Designer for authoring workflows.
1) Workflows are only bound to 1 specific document library/list. You cannot re-use the same workflow for multiple lists or span across sites.
2) Circumvents the security administrative policy which prohibits custom code assemblies eventhough behind the scenes, it first creates a source file which then gets compiled at run time when the workflow gets instantiated the first time. (Some people could argue that this actually is an advantage of using SharePoint Designer).
3) You cannot modify/change/edit or even review the existing workflow tied to a list which makes it impossible to duplicate workflows. For e.g. if your need grows and out-of-box workflow is simply not enough, and you went ahead and bought K2 blackpoint or Nintex workflow 2007, you are left with nothing but re-inventing the wheel. Unless there is proper documentation with adequate process flow outlined, you are left with nothing but re-doing all the work. Remember that everytime you change something it requires the same amout of testing and other efforts required. So this is a HUGE DISADVANTAGE in my opinion.
4) The power of SharePoint Designer is also a curse. Now, less tech-savvy users are designing and deploying workflows to meet their department needs, which makes it harder for IT to enforce control, polices and procedure. I bet that none of the business users are interested in creating a process flow before authoring workflow, which goes back to my earlier discussion about what can be done when you have to edit/review a workflow?
5) SharePoint designer does not allow authoring workflows against contentypes which in my opinion is also an important functionality missing. For e.g. a news contentype needs to be approved by legal before it gets out to the intranet/extranet/internet world. The only way to attach a workflow would be to create that using Visual Studio and deploying using features etc.
In short, if you want to achieve any of the above, please consider investing in technology by using your development team. After all, thats the reason they are there for. Right?