We review and critically assess several issues arising from the potential -large-scale- implementation or deployment of Large Language Models (LLMs) in society. These include security, political, economic, cultural, and educational issues as well as issues concerning social biases, creativity, copyright, and freedom of speech. We argue, without a preconceived pessimism toward these tools, that they may bring about many benefits. However, we also call for a balance assessment of their downsides. While our work is only preliminary and certainly partial it nevertheless holds some value as one of the first exploratory attempts in the literature.