SRS,

   I'm thinking with 5 bedrooms, 5 bathrooms and 7,200 square feet, space isn't an issue!
   I will say that we have a cathedral ceiling in our home and the only drawback I can see is that the heat rises in the winter....you have to have ceiling fans on year round. I don't mind the missed space...ours is all tongue and grove...very homey...it gives the house that little something extra special. :)
   

Michelle