1) It often has an slight undertone of liquid JELLO and/or bugspray.   If you don't believe me, then twist off the cap of your favorite splash, and take a whiff, baby.  

2) It's made of 0.5% perfume and 99.5% water.  You think you're getting more bang for your buck, right?  Wrong.  It's actually a mind game.
3) It smells "good" for about 10 minutes before fading into n o t h i n g.   You're better off paying the extra for perfume that has actual "staying power."
4) It never "masks" bad smells.  I played sports constantly growing up.  That means during the pre-teen phase where everyone stinks terribly I watched as my entire 5th grade volleyball team (including myself) soaked themselves in Sweet Pea body splash.  At the end of every bus ride home the stench of B.O. always defeated the splash of sweet pea.  Just ask my mom.
5) You're better off using Febreeze.  I've seen college students opt for Febreeze over doing their laundry.  Gross, right?  Well, if you're looking for a cheaper, more effective alternative to body splash then Febreeze might be your answer.