I've never tried plain Piracetam but have other racetams with mostly good/neutral effects. Yeah cholinergics can exacerbate depression, I noticed it when combining Huperzine A with other cholinergics.
D-aspartic acid, well perhaps not a nootropic but quite common supplement, increased acne and sort of amplified anxiety. I think its because of agonism at NMDA-receptors. This was with 3000 mg dosage, but if I take only 1500 mg with some magnesium, the negative effects are reduced greatly.