If you do it once you're not going to feel great afterwards (and probably not for a couple of days afterwards), but long term the effects are likely negligible. Doing it regularly would be a terrible idea. Your body's desire and need for sleep is regulated by your circadian rhythm (which is effectively your body clock, and makes you sleep when it gets dark) and adenosine, which builds up and causes you to feel the 'pressure' to fall asleep, which we all experience. You need to sleep regularly to clear adenosine, whilst your circadian rhythm isn't something you can turn off, but you can knock it out of kilter. Not clearing adenosine every night, and not sleeping in accordance with your circadian rhythm will both have wide ranging detrimental effects on your health. Anyone who has experienced jet lag will know how awful it feels, and that's how you feel when your circadian rhythm is trying to adjust to a new pattern. If you regularly miss entire nights of sleep, on a base level you'll give yourself regular jet lag. Which, suffice to say, is bad for you.
However, the immediate question is why you would want to do this at all. It's very rare that there would be a good reason to try this at any time, even as a one off. During and after that night of missed sleep you're going to be working incredibly inefficiently. It's far better to just get the sleep you need (7-8 hours at least) every night, and preferably at similar times each night. That will make you far more efficient than missing a night of sleep.