No more than playing a stage 4 Vampire.
Vampires in this game are so weak its not. The ratio of disadvantages to advantages is actually really unbalanced in my opinion. I played through the game as a vampire (almost stage 4 constantly) and did not notice a single bit of difference in combat prowess, save for illusion, which I didn't even use. But they where vastly weaker too, plus as a stage 4 vampire you'd have no chance of blending in with society.
In oblivion, a stage 4 vampire could run through the game laughing maniacally while tearing the faces off his enemies. Now a stage 4 vampire gets to limp through feeling like a mediocre excuse than a true vampire.