If a caucus will cost $25M, how much for an election? Much much more: my understanding is that the caucus approach is by far the less expensive alterntive, and the only practical solution for both Florida and Michigan.

Fewer people will caucus than would have cast a ballot ~ takes longer, and has to be organized for people to actually gather together rather than simply to drop by the polling place at any time during a 12-14 hour period.

I'm not sure if introverted and presumably smarter folks would be the only ones excluded by the caucus procedure, i.e., would be among the many who would have voted but who would not attend caucus events. People with less time on their hands would be available for caucuses, while busier and/or less stridently interested citizens would be absent. Retirees, students, the comfortably self-employed, and deeply committed activists would be overrepresented to the exclusion of working adults who have no power to take time off at will, of busy parents of young children, etc.