If it's just the external part of the ear, you might have a slight penalty on hearing (I would think -5 or -10 at the most) and especially on your ability to determine the direction a sound is coming from. You're not losing the sensory part of the ear, but the external ear does shape and focus sound on its way to the cochlea.
Balance is handled in the internal part of the ear, it wouldn't be affected. So equilibrium, vertigo, nausea type effects would not happen unless there is also internal damage.