1. You will probably get a new spawn point.
2. Your save will now read 0.0 MB (for a while at least).
3. New world generation will not be based on what is already there.
So, these don't seem too bad, right? In actuality, they aren't. Having it read 0.0 MB really means nothing and the spawn point doesn't matter too much. For my system of doing things, it was especially easy because I have forward bases all over the place, and my new spawn is near one. Anyways, the biggest problem that I found is the new world generation. I wandered out to the edge of my world to find a massive cliff, as the elevation was different and the biome (environment) was different. Basically put, I had a desert down here so I climbed the cliff to find an arctic wasteland. Luckily it is only in one area, but it is still an annoying little bug. Notch has said that the next thing he is working on for Minecraft is a better saving system, which is much needed. So, be careful, I guess.