Valves clearances can open up from wear on the cams and followers (fairly rare on modern Japanese machines) which makes the top end sound noisy. Sustained use with clearances that are significantly too wide can cause damage to the cams lobes and lifters.
More often the clearances close up due to valve seat wear, which can cause poor starting and idling, a drop of in performance and ultimately burnt out valves.
The clearances can be below the service limit without these symptoms being noticeable however, which is why the manufacturers suggest they are checked at a particular interval. Checking them is usually not too difficult to do, though changing shims can be quite an involved job.