You could execute this command to list out all the devices along with their reservation status:
esxcli storage core device list | grep -E 'Display|Perennially'| grep -v "Has Settable Display Name"
Note: The KB above is not applicable to Clustered VMDK. VMware recommends settings perennially reserved flag on Clustered VMDK. Refer to the KB 1016106 for more details.
Impact/Risks:
VMware strongly recommends against setting a VMFS backed datastore to perennially reserved as this could lead to a lot of complications with the functioning of the VMs that are part of this datastore and in the long run could potentially also lead to data loss/corruption.