On 10~15 year old equipment I'd say it is mostly an insurance policy against failure.
Maybe even on the 20 year old stuff.
More than that? Depends on what's under the hood (does the cap say "Beaver" on it? REPLACE IT...NOW), and how well designed the equipment is.
Seems like the Teac/Tascam stuff was thoughtfully engineered and cap values are well appropriate so they aren't being stressed. That'll shorten the life. Seems my old Ampex stuff were VERY well engineered...good quality caps for the day...40 year old power supplies still producing very clean power. Not so with everything.
My Roland DC-30 analog delay/chorus box had undervalued filter caps of a not so great brand. Hard to tell if it made a difference because its such a noisy dirty beast anyway but at least I don't have to worry about the PSU taking a major-league dump on everything downstream.
I have yet to find a cap I've pulled from any Teac/Tascam gear even over 25 years that had drifted outside of its rated value, but the only way to really test an electrolytic capacitor is to measure its Equivalent Series Resistance or "ESR". A perfect electrolytic capacitor would have an ESR of zero. ESR has an effect on, among other things, the HF performance of the cap. ESR increases as the cap ages. I haven't swallowed hard enough yet to cough up for an ESR meter.
So, enough of that garbage...
Assuming you are talking about replacing caps with new ones of the same values, the answer to the question "what will happen" really depends...my
personal experience has been more with the results of recapping power supplies and my most notable experience was a very noticeable drop in the noise floor on my M-520...I've also had issues with mic trim pots that were crackly and after liberal cleaning didn't seem much better but issues cleared right up after a recap of the channel card.
That's not really what you're after though is it...
The thing to realize here is that, at best, electrolytic capacitors in the audio path are a compromise...they don't do the best job of passing high frequencies...film caps do but a 100uF film cap would be...gihugic. What I DO know is that newer 'lytics generally do a
better job with HF signals because, in general, ESR performance has improved in newer caps and supposedly "audio-grade" electrolytics have had some attention paid to that application...That's why I use the Nichicon KT series where I can. Hi temp and "audio-grade". Does that make a difference? I have NO idea, but the price difference is pretty much nil and they are a cool light blue color and I figure it couldn't hurt.
I haven't done it yet but supposedly replacing the output coupling cap on my Ampex AG-440/MM-1000 amp electronics with a Nichicon PW cap in 470uF/63V flavor (stock is 250uF/50V) sounds like "taking a blanket off the monitors." Dunno...the old Ampex already sounds like blankets came off so...what...blankets will start disappearing in my house if I replace those caps? That would make my 10 year old daughter very upset...she's like a blanket magnet...she hoards them...like a blanket version of The Princess and the Pea she's got a half dozen or more of them on her bed..."What happened to all the blankets?!?" sez dad looking at the empty blanket basket in the front room..."On Maddie's bed." answers the chorus of her siblings...
Listen...I'm not really smart enough to contribute any more and besides that I'm too conservative. GCalo will be on here in a sec telling you to bypass all the 'lytics in the audio path with good quality film caps (in general the idea here is to compensate for the electrolytic HF compromise I mentioned above), others will have suggestions to increase the value where you can to open up the bottom end.
I don't know...I just don't know...not doubting, I just have to understand something before I'm comfortable with it and all that stuff is over my head which is why my recap jobs are generally plain jane.
I'll get out of the way now so I can learn something.