Absolutely nothing wrong with this name. This, and also Liszbeth, Lisbeth and Liesbeth, are some of my favorite names right now. When I first saw this name I fell in love. Now I want to name my daughter Belizameth Astilbe and call her Lizbeth!
This name is cute when a four year old who can't pronounce Elizabeth says it. Otherwise, it sounds funny and unbalanced. As a nickname for Elizabeth, maybe, but as a given name, no.