Timber frame instead of brick?

[karmasic]

My architect has mentioned this as a way of reducing costs.
Does anyone have this?
What are the disadvantages?
Do insurance companies hate it?
Can you hang mirrors/pictures on your walls or do they all fall off?
I would probably want to clad with brick-slips if I do go ahead, can you still get a wide variety of brick colours/textures?

I'm keen ish because hopefully it's quicker and the walls don't have to be as thick (space is tight) I live in a quiet area with quiet neighbours (touch wood) so I'm not so worried about the sound proofing qualities not being so great.