The trade-off on frequency is that hysteresis losses in the iron cores of transformers and motors go up

as frequency rises, however the amount of iron needed in the transformer or motor to avoid
undesireable magnetic saturation also drops as frequency rises. This generally means that (properly
designed) 50 Hz equipment is slightly more efficient (and heavier) than its 60 Hz counterparts, and the
50 Hz equipment should be relatively happy running at 60 Hz. On the other hand, 60 Hz devices will
tend to saturate their cores to a greater extent when operating at 50 Hz. Saturation can greatly increase
the current flowing in the device, which means there's more heating that can shorten the life of the
device.
Appliances like TVs and computers aren't likely to be greatly affected as this only affects the power
supply transformer. It's a much bigger deal for AC electric motors. The vast majority of these are
"squirrel cage" motors designed to run at a speed just below some mutiple of the electrical supply
frequency. This means that a 60 Hz motor will definitely run much slower (at least 17% slower) on a 50
Hz system. And of course the reverse is true for a 50 Hz motor at 60 Hz. And because higher
frequencies require less iron for transformers and motors, it makes a lot of sense for airplane
manufacturers to go all the way to 400 Hz.