For fish:
Breaks slime coat.
Leaves them vulnerable to infection.
Dissolves there fins.
turns non toxic ammonia toxic.
Makes it hard for them to breathe.
Only if it is high for a long period of time though.
For Corals:
Evaporates calcium, bad for
SPS.
For equipment:
The evaporated calcium can gather on the sides of the tank and burn out equipment.