First, I'd like to point out that the timing on our trucks is not optimal to begin with, it's run kind of "late" to reduce cylinder pressure, smoke, and maximum combustion temperature, thereby reducing NOx emissions.
Advancing the timing will generally give you better "seat of the pants" feel, especially if yours was exceptionally late. Also, if you have a pyro, you'll notice that max temps will decrease a bit, and usually cruise temperatures will fall slightly, and this is due to improved efficiency. The heat is not coming out the exhaust pipe as much.
If you do this with stock injectors, you'll notice it quite dramatically increases the noise level at cruise and idle. It will sound harsher and have more "clatter" than it used to have.
If you go too far, it becomes quite nasty sounding, and you will lose power. In my attempts, I noticed a dramatic loss of power at the low end, a LOT more smoke there, too, and even a little more smoke on the high end, without changing the fuel any.
Over-advancing your timing, especially to the point it loses power, or begins to sound quite harsh, is stressful on the engine. The peak pressures inside the cylinder shoot up dramatically, yet, you actually end up with less power than you had before. Also, dumping fuel in before optimal time to combust can result in raw fuel reaching the cylinder walls or piston top, resulting in some bad effects there, too.