Brad is essentially correct with regard to toxicity. Many acrylic paints do contain small amounts of various hydrocarbon solvents, some of which may be quite toxic, or have unknown toxicity. Remember that legally, any product not "proven" to be toxic can be labeled as nontoxic—that doesn't mean that it is not toxic. Also, some acrylics use alcohols as primary or secondary solvents (Tamiya and Gunze for example).
Gloss paints, regardless of binder/solvent system, may contain a different binder than the same color of the same brand in flat, or they may contain the same binder but a flatting agent. A flatting agent is a transparent pigment, usually microsilica. Gloss paints, however, may have a lower pigment load than flat paints, because the gloss forming component is the binder, and having more pigment in and near the surface creates a slightly rougher surface, reducing gloss. So it may take more coats to cover with a gloss paint. Gloss paint also tends to skin over more rapidly than flat, which makes it a little harder to brush paint.
There is also a potential problem when painting over gloss paints with another color. Gloss paints often contain gloss enhancers that make the surface very slick, with the result that paint applied to the gloss paint may crawl, producing an alligator hide-like pattern. Tamiya and Gunze paints are known for this.