It depends on what you mean.
Does the cap hold no pressure? - Your car could overheat much sooner then designed since without the pressure the boiling point of the coolant is lowered and will allow water vapor pockets to form in the heads.
Does the cap have no means to relieve pressures above 16-18psi? - If your car begins to overheat it will eventually find the weakest link in the system and blow out there once the pressure reaches its breaking point.
Does the cap hold no pressure? - Your car could overheat much sooner then designed since without the pressure the boiling point of the coolant is lowered and will allow water vapor pockets to form in the heads.
Does the cap have no means to relieve pressures above 16-18psi? - If your car begins to overheat it will eventually find the weakest link in the system and blow out there once the pressure reaches its breaking point.