yes, there are disadvantages. one you already mentioned: readability. second - the type has to be calculated so it takes time (in turing-complete type systems it may be infinite). but there is also something different - theory of type systems is much more complicated.
let's write a function that takes a list and return its head. what's its type? or function that takes a function, and a parameter applies that and return the result. in many languages you can't declare it. to support this kind of stuff, java introduced generics and it failed miserably. currently it's one of the most hated features of the language because of consistency problems
another thing: returned type may depend on not only the body of the function but also context of the invocation. let's look at haskell (that has best type system i've ever seen) http://learnyouahaskell.com/types-and-typeclasses
there is a function called read
that takes a string, parse it and return... whatever you need, an int, an array.
so each time a type system is designed, the designer has to choose at which level she wants to stop. dynamic languages decided not to infer types at all, scala decided to do some local inference but not, for example, for overloaded or recursive functions and c++ decided not to infer the result