I've found a few downsides to Godaddy hosting. Hosting support is notoriously slow. Their servers are also very slow compared to Innohosting, Hostgator and some of the better known shared hosts. Also the free version puts an ugly frame ad banner of theirs on your site.
If I was you I would Google "Godaddy Hosting Reviews" before you start building your site. I have heard that it is difficult to migrate your site from Godaddy if you decide to move later.
Godaddy is great for domain registrations but poor for hosting in my personal experience.
