No, it's easily reversible so I doubt it could do permanent damage. The difference in IQ is pretty massive, really it's the level of editing you can do to the image, its' the difference between RAW and jpeg pretty much. If the shot is really underexposed you can pull it back up with virtually no loss in image quality.
The only thing is, the workflow is extremely cumbersome and I would definitely not use it for a professional gig until you have a lot of experience with it. I have a buddy that shot a whole music video using it and had no idea what he was in for in terms of post and it ended up being a nightmare.