Well, the most serious side-effect on dramatically augmenting your T levels would be an increased risk of prostate-cancer. Obviously there are numerous other side-effects that are more obvious, some of which Sunyata already mentioned, and there are other alarming and obvious side-effects post-cycle (against which mitigation is usually attempted through the use of still more drugs), but the prostate-cancer possibility is likely the most concerning.
Regarding one of the poster's comments who called steroid use a "way of life" and an expression of ethos to put out "110%"... I certainly agree that many of those who use steroids ARE highly disciplined with respect to their workout routines and diet. But I would caution against the belief that to really put forward 110% you need to use steroids. The fact is that augmentation at these levels is simply not well studied, the side-effects not well understood, and the possibility of a dangerous accumulation of negative effects increases with long-term use.
I've been an athlete all my life. I understand, fully, the drive to push harder, faster, farther. But the overall goal here for those using steroids who aren't in professional sports is simply a better level of health, a higher quality of life. There are serious health risks associated with steroid use, and serious legal risks associated with steroid use. These goals may be achieved, in a disciplined way, without steroid use.
Also understand that, when it comes to mood and drive, there is a substantial placebo effect at work in addition to the actual augmentation of aggression by the steroids. A user comes to believe that he needs the steroids to achieve a satisfactory level of fitness and progress, and even that he needs the steroids to maintain drive, strength, and mood. They become, in his scheme, an essential part of his self-esteem. Since steroid users tend already to be prone to various dysmorphic disorders, I think that they are also particularly susceptible to the formation of that kind of belief.
In other words, steroid use may trigger or motivate an already existing tendency towards some type of dysmorphic disorder, or some underlying anxiety about self-esteem. This is more a psychological danger than a physical danger, but the effects on a person's sense of well-being, their ability to appropriately judge the costs and benefits of actions, and so forth, are all quite real, and will have actual physical effects.
I consider the psychological risk here to be a part of the health risks, in short.
So, all in all, in my own opinion, it's simply healthier to stick to a disciplined routine of straight exercise and diet. If you REALLY want to push 110%, and test yourself, then either learn or re-enter athletic competitions, and see how you do. Competition is the ultimate test of one's discipline and mindset.
And look, I just want to emphasize again, since this can be a touchy subject, that I'm talking about the use of steroids as a subject generally. I'm not talking about anyone here in particular, and unless an individual wants to discuss whether he or she, given his specific situation, should be using steroids, I would prefer NOT to have personal experience or stories inserted into the discussion.
In other words, to keep this as free of drama as possible, let's just focus on the subject itself, and stay as far away from criticizing each other as possible.