Linux itself mostly won't care. A few things won't be possible (e.g., installing a bootloader such as GRUB on the drive), but it sounds like that isn't an issue. Some software (
udisks, for example) might fail to see it as a mountable filesystem, so it might work less well in desktop GUIs.
If you attach this to a different OS, I'd expect both Mac OS and Windows to offer to create a partition table (read: damage or destroy your data). You probably can get it mounted on either (presuming they support the FS), but the GUIs will not do it. At least not without stunts.
The next sysadmin—or quite possibly you, six months down the road—will care. You've created something weird. The administrator will run
fdisk -l trying to find what's on the disk, or how large it is, whatever. Maybe it's been connected to a different machine, or the OS had to be reinstalled, or something bad happened and he/she is trying to recover data, whatever. He/she will get back confusing messages about there being no recognized partition table or, depending on the FS, the first few sectors are intentionally unused—so fdisk will just say its a blank disk! Or maybe instead of
fdisk -l, just
fdisk followed by
p, which will happily show a new, empty partition table.
Will an experienced sysadmin, if thinking straight, manage to figure out what's going on? Yes, he or she should. (Will it take extra time, delaying whatever task needed accomplishing? Yes.)
But will a less experienced sysadmin, or a sysadmin under stress manage to figure it out? Well, I'll point out you didn't know it was even possible, you're surely not alone.
If you decide to keep it this way, please document it somewhere that'll be available and noticed, even if the system it's part of dies. For example, if this is an external drive, you might securely attach a note (a piece of paper) to the drive.