Only real limitations difference is having to fax a list of events I plan to exhibit the plane once a year. You are not required to attend any. There's no geographic area limits after phase 2 and proficiency flying and even non compensation training is allowed, as well as IFR. With the current auto gas about $1.50/gal I'm flying it for less than $17/hr including reserves....original O-360 cost would be over $60/hr.