Another thing to remember is that with a grounded neutral you know what voltage the insulation in cords, motors, lamp sockets, breakers and other equipment needs to withstand. With an ungrounded system that voltage can get pumped up by non linear leakage to many times the nominal voltage.
Most important though is what iwire stated, namely that the first fault on the isolated system will cause a reference and current path to ground.
That fault will NOT trip a GFCI since no current will flow. Now you have an "ungrounded" system that is no longer as safe as people assume.