Originally, the Green Lanterns were vulnerable to anything yellow. Hal Jordan overcame this fear. And, now all Lanterns have overcame it. Except, for the New Recruits, who eventually overcome it.
Also, recently, it is known, that the Manhunter's can suck the power out of Green Lantern Rings.
Red Lantern Rings, can also dissolve the power.
Also, A ring can only hold a charge for around 24 Earth hours.
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The original explanation in the comics was that the Guardians of the Universe implimanted it so their Green Lanterns would not be all powerful beings. However, once it started getting silly in the way it was used in comics (infra-yellow, invisible yellow, ect.), it was revealed that the Fear Entity Parallax had infected the central power battery, making it's color, yellow, the Lantern's weakness. After it was purged, the weakness still remained, but the Lanterns can overcome it if they can overcome their fear.
The whole reason a green lantern is appointed is for their ability to overcome fear through the power of willpower and courage; so essentially a green lantern fears nothing but perhaps fear itself.
There are thousands of green lanterns each assigned to a specific sector. Earths sector happens to have the most with 4 green lanterns.
The main character Hal Jordan's skin color is Caucasian. His other green lantern companions from Earth, Guy Gardner and Kyle Raynor are also Caucasian. The green lanterns from Earth that are not Caucasian are John Stewart and the more recent Simon Baz who are both African American.
In the brightest day, in the blackest night, no evil shall escape my sight, Let those who worship evil's might, Beware my power, GREEN LANTERNS LIGHT!
Actually is Dolan