Jerry,
Most likely nothing will happen if you do not adjust the valves. However, there is a possibility that the valves can tighten up from seat to valve face wear enough to cause a burned valve if they are not adjusted, but this is a remote chance. Proper valve adjustment can also cause a slight increase in fuel efficiency if the valves are too much out of adjustment, but this is also not very likely. The summation is that it is reasonably priced insurance against a preventable, though unlikely failure.
Gerald