Being a procrastinator can have many positive yet many negative effects on everyday life. The positives outweigh the negatives, though, so it's really nothing to worry about.
One of the biggest effects of being a procrastinator is the huge surplus of free time that becomes available. By procrastinating, things get put off until later, and time that could be spent doing things that need to be done becomes time to do whatever one pleases.
Another effect of being a procrastinator is the double-edged sword of relaxation. Usually, while procrastinating, one can become more relaxed because there's no specific task at hand that requires the full attention of the individual. Since there's no tasks weighing on the mind, stress levels will probably be reduced as well. The double-edged sword comes into play when whatever was put off when procrastinating, comes around and has to be done immediately or quite soon. When this happens, stress levels will most likely be higher and the state of relaxation will quickly diminish.
A third effect of being a procrastinator is a high workload. It is very, very easy to get behind and stay behind because things got put off. This should only be a problem for someone who's very new to the game of procrastination and hasn't quite got the hang of it yet. The seasoned veteran should have no problems with getting behind.
While being a procrastinator, it's possible to have a very positive experience, negative experience, or both, wrapped together in a great big burrito of fun. It all depends on how the procrastination was done, and the attitude kept throughout the ordeal.