You'd only see effects like that if the adapter was delivering too much current then the laptop can handle. in this case the adapter doesn't even meet the laptops requirement, so the laptop will be drawing a little bit more power.
Sometimes when the laptop detects this circumstance it refuses to charge the battery while it's still on, but that's the only possible side effect I could see on the laptop.
The adapter on the other hand, as Rob said, will have a reduced life, at best.