The extra fuel flow isn't enough to affect operation, since it's usually less than the burn rate, HOWEVER it poses problems when the bike is let to sit and the extra fuel is not burned off (eg when you park for the night).
This is why bikes with 'manual' petcocks have an 'OFF' position. In the case of the GS, there is no 'OFF' because the designers (quite wisely, given how many people treat their bikes like cars and expect to be able to turn off the key and park it) designed it to automatically shut off when there's no engine vacuum.
Now, if your bike is left to sit, and (like most) the carbs flow fuel while there is pressure, there are only 3 places for that fuel to go: Out the vent tubes, into the airbox, or into the cylinders. Now, the vent tubes are mounted high (as their primary function is to allow air into the float bowls so the carbs operate properly), so it takes ALOT of gas to cause flow out the vents, and generally when this happens, gas is going to one or both of the other 2 spots.
Now, the part that referrs to oil. If your bike is parked with the carbs level or nose-down (eg when it's parked anywhere except nose-up on a steep hill), the gas will flow into the cylinders. Since the rings don't seal tight with the engine not running, this gas runs down past the rings and into the oil.
GAS IN THE OIL IS BAD NEWS -> it (a) thins the oil, and (b) displaces it away from moving parts, removing lube... If this is the case, you will basically be running your engine with Kerosene instead of motor oil...
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