Look at the bug list (accessable from the Alice home page) for a summary of problems.
Re what you listed, text balloons disappear entirely (if you only got one scrambled, I'd really like to know how

) and the spacing for 3D text objects is off so badly for most (all?) fonts that they are hardly useable.
Also, opacity settings and a lot of other display related parameters don't work - as a first approximation use slow-and-steady Alice to see what you're
likely to get.
Mouse inputs tend not to work - though not always.
The last big problem I've had is that the program seems to stop for even moderately large files,
especially those with sound.

The maximum file size
seems to be data dependent

but isn't very large (a few hundred K at most) in any case.
Personally, I've pretty much given up on this option - disappointing since it is the only way in Alice to share your work with someone who doesn't have the program.