Everyone just cool your jets. I mentioned vibrations because when my b-shaft belt broke (it didn't get tangled into the timing belt /ubbthreads/images/graemlins/worthy.gif, but it was close) my engine vibrated A LOT around the 2500-3000 RPM range. If you read over the theory on how the balance shafts work, you'll see why vibrations occur when only one of the two is spinning. In a system where 2 shafts are used, both are required to be rotating, in time, to cancel out the natural engine vibrations. If only one is active, that introduces a whole new set of vibrations to deal with.
I'm no expert on this... but ultimately, it amounts to a VERY uncomfortable ride (your fingers get sort of numb from the vibrations). I'm not sure about engine damage (other than it being shaken to death).