Originally Posted by T.M.M.L

I'm late to the party, but the response to your question is not so cut and dry.

If you know what your doing, then it's not that big of an issue, although you may lose some features that rely on the default launcher.

If you delete it without replacing it correctly with a substitute, then your phone probably won't post. You will left with having to restore from a nandriod backup( hopefully you made one before you started deleting stuff) , pushing a launcher to your phone, or re-flashing the ROM.