Does not sleeping incur any of those normal penalites, like being fatuiged, for not getting a good night's rest? It's sort of implied that it doesn't (and that would make for a harsh class penalty, I think, if it does) but it's not specifically defined either way.
Other than that, I have no qualms. This class looks like it'd be lots of fun for a friend or a foe.
No, no penalties. You are in a mystical dance of sorts that rejuvenates instead of tiring.