Having an epidural increases the frequency of emergency c-sections, forceps/vacuum deliveries and bigger episiotomies. I think those are because it's harder to feel when and how to push. One of my pregnancy books gets into the statistics, but I don't recall them here at work.
Also, with an epidural you can't get up and walk around or change positions as easily, or go in the pool. If that weren't enough, with an epidural, they put a bladder catheter in so that you don't pee all over the bed. I've had that in surgery before and the thought icks me out.
My book also mentioned potential groggyness on the part of the baby and the mum as well not being able to get up and around as quickly (your legs are numb, after all).
Needless to say, I'd rather go without.