It'd probably be a performance hit in the realm of ~10% or so.
There's a HardOCP article comparing GTX 480s in SLI over 4x links and depending on the game there wasn't too much of a difference.
http://www.hardocp.com/article/2010/08/25/gtx_480_sli_pcie_bandwidth_perf_x16x16_vs_x4x4#.UgEcDtKqmzk
There's a HardOCP article comparing GTX 480s in SLI over 4x links and depending on the game there wasn't too much of a difference.
http://www.hardocp.com/article/2010/08/25/gtx_480_sli_pcie_bandwidth_perf_x16x16_vs_x4x4#.UgEcDtKqmzk