Everyone is talking about Ivy for Angular compilation. All I have heard is good things about it. Are there any downsides? like something I should be aware of before using it?
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https://is-angular-ivy-ready.firebaseapp.com/#/status
It is still a beta product, it will be ready soon. You can try it but it is not recommended for production just yet.

Adrian Brand
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Bundle sizes may be larger than without Ivy and strict template type checking may give you some problems.
Those issues should be resolved in 9.0.0 final. The RC is coming soon and is worth testing out.
-Michael Prentice (Angular Team)
Please look at the comments below from Michael himself :)

Patricio Vargas
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1The bundle size issues and all known (by me) template type checking issues have been resolved in the `9.0.0-rc.0` release. Please give it a try! – Splaktar Nov 02 '19 at 02:41
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1Also please note that the above quote was only in relation to the opt-in compatibility preview releases of Ivy in Angular 8.x (as indicated by the `angular8` tag in the question). – Splaktar Nov 02 '19 at 02:46
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1@splaktar I will definitely will give it a try! Thanks Michael!. I added a comment to the answer – Patricio Vargas Nov 03 '19 at 01:57