On behalf of Adobe and to be very specific …
Producing PDF via distillation of PostScript is an antiquated, obsolete, lossy workflow for which there is no good reason to use in creating PDF from Adobe products.
What you lose is:
(1) Transparency - all live transparency is flattened to some resolution in some particular color space (which might not be appropriate to the final print or display conditions).
(2) All ICC color management is lost depriving you of the ability to properly print or display under many conditions.
(3) As the result of (1) above you may end up with fuzzy-wuzzy and/or pixelated text and vector content that is not editable or searchable in the resultant PDF. You may also end up various display and/or print artifacts based on the flattening.
For PDF print publishing workflows, we recommend the PDF/X-4 PDF export settings, possibly modified for required / desired image resolution. Do not change these settings to convert all content to CMYK.
All reasonably modern RIPs and DFEs (from the last decade) will produce much better and more accurate results with PDF exported as PDF/X-4 than either PDF produced via distillation of PostScript and/or use of the PDF/X-1a presets during export.
- Dov