no real dangerous long term reprocussions so long as you change it before catastrophic failure. When it does, the wheel might come off the car, and can cause substantial damage, not to mention loss of control of the car.
Wheel bearings can also make a humming noise while cruising, kind of a vibration noise, and you could even feel a vibration. I have bad front wheel bearings, this is what they do. Also, it gets worse at higher speeds, like around 60-70mph. They have caused very uneven tire wear and I'm replacing them before my new tires go on next week. Sometimes front axles/bad CV joints can do similar things, good luck!!
i just went to get my car looked at bc of a squeaking noise coming from one of the front wheel wells and it ended up being a bad wheel bearing at $278.80, and i also have a bent tie rod. the tie rid with alignment is $368.00 and this is all from a vw dealership.