I think the consequences are quite real, and anyone who's been on one side of the tracks and moved to the other will tell you so.
When I believed in God I knew I was taken care of no matter what, at least as far as eternity was concerned. I was immortal. No matter how bad things got I always knew there was a heaven waiting for me. I believed that God watched over me and protected me from harm, gave me a sense of invincibility. I had scriptures to answer any of life's, or death's, questions. My whole existence was pretty much laid out for me - Get baptized, go through seminary, go on a mission, college, get married and sealed in the temple, have a bunch of kids, serve many callings, retire, go on another mission or two, then die and go to the spirit world to wait for the ressurection, then go to the Celestial Kingdom to be with God and progress eternally and eventually become a God too.
Obviously it didn't work out that way for me. I have to count on myself, think for myself, and believe in myself. There is no omnipotent being to bail me out. No more praying for miracles. No more bulletproof underwear (Yes I really believed that. I don't know if it was official doctrine, but it was definitely a widespread rumor that garments are bulletproof). Anything I ever want to achieve or become or do or experience has to get done in this life, no second chance. This life isn't so disposable anymore. I can't waist my whole life marching to someone elses tune just so I can be happy in the next. I create my own purpose in life, and I make it happen.
No matter which side of the tracks you jump to it's a life altering experience.