nope. if you don't otherwise get involved in the "event", all that will happen is you'll get a message that "all your spells are gone", <although you'll have all of them to play with for awhile, as they'll be on global preview, so you can put off going to see Book for a bit. You'll also want to find a time to run to crossing as incognito as possible - <or whereever they put the feat trainer> to get some of the feats. I highly recommend raw channeling - for use for either ROC, or usol spell for awesomeness>.
Everything else will be the same. Whatever warrents you have, will still be there. Your gear will still be there. If you wear pants, you'll still have 'em... Some spell scrolls will poof, some will remain the same. The people with the torches and pitchforks will still be around. So will the Temple, and their pet dogs... err, hounds. :-)
<<The real thing DR needs is to get out there to the kids who actually read books.>>
