If you have port redundancy on, then nothing more except a small blip in the audio (literal half second in my experience) and probably a CMG alarm reported to CM. Then life goes on. Make sure you clear out the other port if it isn't going to be used so that you don't get more alarms/SNMP traps sent to CM. All of this assumes you are using the G4x0 port redundancy feature and it's already been tested and works.
If you are using spanning tree, then simply unplugging one should cause the other to go from blocking to forwarding/enabled. I don't recommend using it though unless you have already worked out the STP root and priority with your network team.