L6,
Soaking too long or too short and its effects will depend on the steel. Many martensitic stainless and higher carbon tools steels usually require a longer soak than carbon steels to put x-amount of carbide into solution. Some steels need soaks at incremental preheats to avoid thermal shock as well. Its just the mechanics of the individual steel. Saying that, soaking longer than recommended time will result in grain growth primarily. This is not an irreversible process though, just don't quench after grain growth and use the knife in such a condition.
You also bump up the rate and effect of oxidation and the annoyance of decarburization if blades are exposed to oxygen. If you soak too short, results are typically and commonly opposite... in a way. You may not get all or enough of the carbide into solution. Scale and decarb are less pronounced as well. There are some other interesting effects depending on the steel and method, but those are the main highlights.
-Jason