Your consistency of the gel will lose, as because casting gel with water will melt the gel during electricity running within the gel. So, if a gel melt and consistency lose then it obvious that you will not find any band there or see fade band. I myself didn't do such but i read that can be happen.
Hope this link will help you a lot. http://bitesizebio.com/10199/5-ways-to-destroy-your-agarose-gel/
I made this mistake on a couple occasions when I first started running agarose gels. If you cast the gel with water, but use the normal running buffer, the gel will NOT melt, but the current will take the path of least resistance over the gel, rather than through and DNA movement will be retarded. With time, the buffer will begin to diffuse into the gel and provide electrical connection through the gel and the DNA will start to move. However, the current profile will be uneven from top to bottom within the gel until an equilibrium in ion concentration is reached, so the DNA near the top of the well will start moving before DNA near the bottom. As a result, you will not have nice bands, but a smear. If you made a gel with water and cannot afford to waste it, you could let it soak in the running buffer for a good long time to equilibrate it, then use it (I would give it at least a couple hours, and would only try it if I had no choice. Otherwise, just cast a new gel).