The beer will be a little lighter, but still a great beer. I know because I'm drinking my 3rd AG with 1.042 OG.
Actually it taste great. Brewed 20080704, 20080712 racked to keg, 20080713 tasted - light, good, but no flavor. Today - Full flavor, low alcohol, perfect beer for a hot day when your uncontrollable friends are driving.
I'm still working on how to fix my efficiency.
In Primary: Belgium Chimay clones.
In Secondary: Braggot, pale ale, end of the world white.
Conditioning: Mead, Cider, braggot, Belgium Wheat.
On Tap: Clones, Chimay Blue, Red, Porter, malted cider.
Bottles: Far, far, too many to list.