I have no problems...Im experiencing a bit of bump hop when in sweeping turns, but i think thats because my bike has cut springs all the way around. You will have a bit more road grime on the front of your bike due to the lack of fender. Also if you have a speedmaster you might have problems with the crossover brake line.
And I havent got caught in the rain yet. Ive been thinking of making a fold up front fender that you can carry strapped under the bike, and when it starts raining you can whip it out and slap it on. Im thinking of using a heavier canvas or something with just to steel plates for the sides. And it'll only cover the back of the front tire.