As a woman, I fear most people don't understand how much hormonal birth control can increase blood clots, cancer risk, mood changes, and all sorts of side effects. There doesn't seem to be a free lunch when it comes to biological modifications. :(
Vasectomies are pretty close to a free lunch.
Main downside is reversals are 1) another surgery—and maybe not covered by insurance—and 2) often fail. Not a great option if you do want kids, just not right now. I guess that's the not-a-free-lunch part.
Excellent option if you are certain you're forever-done with having kids, though.