Probably nothing will blow up immediately but in the relatively near term you will lose the belt tensioner and the clutches on the viscous heater and AC will chirp/howl; how much damage you will cause to them and how soon I don't know. My recommendation get the upgraded Litens pulley (their PN 920834) and install it. Note a good alternator/auto electric shop may have it in which case they likely can install it for a total price less than your cost for just the pulley.
Use of cheap decoupler pulleys is well known to result in short pulley life and tensioner damage.
If you have been using quality pulleys and still having short pulley life I'd look for other problems in that belt system. For example replacing just a pulley after pulley problems have damaged the tensioner will result in short pulley life until BOTH the tensioner and pulley are replaced. Quick check after installing new pulley - if tensioner is "leaning" toward or into power steering pulley or noticeably bouncing as opposed to barely twitching then tensioner is bad.
See the video at
http://www.decouplerpulley.com/ for more information.