This does indeed eventually trigger a code AND an SES light. I had it unplugged for almost a month and got an SES light. Plugged it back in, went to the dealer to get it cleared, unplugged it again, and got another SES light 2 weeks later
On the butt dyno, it felt like the car really ran out of steam up top with the plug disconnected so it MIGHT make you lose power. I have an N55 though.