Too hot: Esters, phenols, and fusel alcohols. Esters have banana/clove-like flavors, phenols have peppery/spicy notes, and fusel alcohols have a harsh alcoholic taste. And BTW, 66-70 is the higher part of the range, I would try to keep it well away from 70 if you can. I now ferment at an ambient temp of ~59-62F (I don't have temp control, so it's whatever my basement is, but it's pretty consistently within that 3-degree range) and I am very pleased with the results. Also remember that the ambient temp could be a solid 5 degrees cooler than your active fermentation.
Too cold does not produce off flavors, but as you say, it could slow or even halt your fermentation. It also could in theory prevent the production of esters, which are desirable in some styles of beer (although this point is a matter of some controversy... I have no experience with it, but some people say that even for those styles, they have the best luck fermenting it in the cool end of the yeast's range, and get plenty of esters and such anyway)
Story: My 2nd batch was a pale ale that I brewed too hot, and it's really phenol-y. I really don't care for it. It wasn't even that hot, either, about 72F ambient, but that could have fermented as hot as 77F or more.
Now, remember how I said that those biproducts are desirable in some styles? My wife, who is much more into Belgians than me, thinks that beer's actually not so bad. We both agree it's not great, but she rather likes it -- it reminds her of a Belgian that's a bit rough around the edges. Actually, I see exactly what she means, I just don't care for it. So how much it bothers you may depend on your personal taste preference.
To be clear, I am NOT suggesting fermenting hot to get a Belgian-like flavor! You are better off using a Belgian-style yeast and fermenting at an appropriate temperature, which will give you more controlled production of those trace compounds and a much more pleasant beer.