Using wasp spray for self defense purposes has been recommended by a recent email from my mother. It has the same effects as mace or pepper spray.
The claim is that it has a farther range of 20-25 feet. It will incapacitate your attacker until they can get to the hospital to obtain the antidote.
It has an innocent, non-menacing look, so as not to draw attention, therefore you can leave it by your bed/door/desk without appearing paranoid. But, don't leave within reach of children!
So what are the downsides? There are two.
The active ingredient is pyrethrin, a compound derived from a chrysanthemum plant that penetrates the nervous system of insects to kill them. Since this has not been tested for safety and effectiveness on humans, the toxic effects could be potentially more harmful than expected. I'll let you be the judge of how much you want to potentially harm someone who was out to potentially harm you.
The second con: in some jurisdictions it is against the penal code to use any defensive spray but 2% oleoresin capsicum. Not to mention the warning on most cans that states, "It is a violation of federal law to use this product in a manner inconsistent with its labeling". Yikes! Its like tearing the labels off your pillows!
So before using wasp spray instead of pepper spray one must consider the consequences. Of course the same holds true for not using it if it's the only thing available and you are about to be harmed by someone.