GMMerlin said it better than I could, but it will make the ride more firm. Like with most modifications, it's a personal thing - I loosened mine to drop the front ~ 1". I find the ride to be firm, but not overbearingly so. I do take speed bumps and other known road imperfections with a bit more caution and less speed.
Bottom line - I don't think the ride quality would be any less firm if I chose a different route to drop the front, i.e. new springs.
As I understand it, a spindle swap is the only way to drop the vehicle without adversely effecting ride quality. Here's a link to what appears to be a great solution:
http://www.mcgaughys.com/
Take care,
Jerry