There are ambiguities. First, the most obvious way that the 14th amendment incorporates the Bill of Rights would be in the section of the 14th amendment that says states cannot deprive individuals of the "privileges and immunities" of federal citizenship. That section, however, was rendered meaningless by Supreme Court decisions in the 1870's that were aimed at preserving the rights of state governments to keep black people from voting, etc. Then, decades later, the USSC rhad to resurect the meaning of the amendment by using the Equal Protection clause to say that, in fact, the States really can't deprive persons of federal rights and immunities. Second, the amendment refers to states, but the Supreme Court has applied it to municipality governments as well. I think there are good reasons to do so, but I am not sure if the text makes it clear that this is necessary. (It might, does anyone know if municipal governments are considered as sub-units of state governments? I have no idea.)
On top of that, there is ambiguity in what the First Amendment really means and to what extent it extends to matters like nativity decorations and the like. Does the establishment clause mean that the government can have nothing to do with any religion or religious symbols? I think that this is exactly what it means (with a couple of common sense exceptions) because I think it is the surest way to make sure that government also stays out of the way people practice their religions privately, but reasonable minds could definitely differ on this issue.
Anyway, lots of issues. I do like the 14th Amendment though. I think it does add a lot of protections for individual persons from the government.