The only effect it will have is if it doesn't allow enough gas to reach the carburetor. If that happens, it won't be a performance issue as much as it will start missing or cutting out at WOT and high speeds when the demand for fuel is the highest.
I run one and like it because I can see the fuel (I run black fuel line). However, I have had a few people tell me they won't run one because they think it is just another thing to go wrong. I change mine about twice a year and have never had a problem.