It will make the campiagn lower-magic, it will make full-casters less powerful (both immediately and overall), it will make magic items more expensive (as CL increases for the same spell levels), and it will throw off the CR of many creatures.
Creatures gain special abilities that can only be countered by magic at about the same rate that PCs gain the magic to counter them. This shift would make that transition phase a great deal deadlier.
Good luck.