well it err alters the gearing
makes pulling away easier, as they hve a very tall first gear with the 15t std front
will potentialy lower the max speed if reving to limiter in top, but in reality will be more likely to improve it as you will achieve your bike max speed more easily, they just wont rev that high in top gear as standard and its not like your likely to be riding at 150mph plus much is it???
there are some threads about more stress on the chain, being a tighter corner for the chain to turn around etc etc, but I dont think this is much of an issue,
14t front sproket is probably one of the most low cost & effective performance mods. I did it to both my 996bip and s and would personaly recommend it.
Bungi