Many people who become British Overseas Territories citizens ask about applying for a Bermuda passport as well. I tend to tell people that the Bermuda passport is often barely worth the trouble. Naturalisation as a BOT citizen is of great value, but you don't need the passport itself. So what's wrong with the passport? I'll go over a few of them here, including the risk of being deported from a country if you do not use the Bermuda passport with care.
Firstly, it can take months to process the application. In roughly the same amount of time, somebody could register for British citizenship and then be eligible for a British passport.
Secondly, Bermuda authorities are much more fussy about allowing minor names changes, compared with most other countries. If somebody has made a minor name change, Bermuda will frequently demand that you go through a full deed poll process in Bermuda to change the name on a new Bermuda passport. This causes particular complications when the name change has been accepted on a passport by another country, but not by Bermuda.
Thirdly, there are all sorts of problems with actually using it.