Master's degree without research?
Yes. The simple answer is that a research master's degree is, all being equal, a higher degree than a taught master's degree. Just like a PhD is higher than a research master's degree, and a taught master's degree is higher than a (implicitly taught) bachelor degree.  

I don't think we can comment on "downsides" in having a higher or lower degree. It depends on ones preferences in life.   



EDIT: This is an answer to the original question: "Is a master's with research "better" than a taught one?".