Sometimes it will make a terible buzzing sound. Sometimes the light flickers. Iv'e seen times where a dimmer was not LV (installed by others) with no noticeable effects. We onece got the wrong LV dimmer magnetic not electronic and of coarse no returns.
You could use a dimming module like a HP-2 with most dimmers. It will allow you to run a lot more wattage but it wont save you $$.