Yes, there are penalties to consider. But it'll work.
Check out the ZFS Best Practices Guide if you want to find out more. I also recently posted a table that lists the full set of possibilities for optimally-sized RAIDZ's, see
this thread.
It is possible to go with vdevs that are wider than a dozen disks or other numbers of disks besides the power-of-two-plus-parity selections, but you start to get into penalties of various sorts.