Answer
I'm not sure what you mean by effects, however if you're asking about risks then it is the same as any other piercing. Infection is the number one risk associated with any piercing and as such certain measures before, during and after the procedure must be taken. You piercer will be able to tell you how to properly care for your piercing(s) and you should follow them religiously. There are secondary risks associated mainly with facial piercings that you should be aware of, if the infection travels inward it can cause hearing loss, facial nerve damage and even (one in a billion or more here) a brain infection which could, in theory lead to death. If the infection is stationary and the piercing is removed after it is remedied (never remove an infected piercing, simply go and see a doctor) then there is the possibility of ear-collapse which is pretty much as it sounds where the cartilage in the ear will collapse in on itself. It is possible to correct ear collapse through cosmetic surgery, however it may be easier, and certainly less expensive, to learn to live with how your ear looks.
If you're asking how it will affect you mentally or anything like that it is all in how you view your piercing. If you're asking about the visual effects of it then it's absolutely different for each person and for each viewer. I have found that a lot of people enjoy the look and will compliment others and ask questions about it.