It certainly affects daylight long-exposure (with strong ND filters) photography. It may come as a surprise if you do it the first time without rigorous testing and don't follow forums or read camera literature. It is a real issue, but one that is easy to work around without sacrificing any functionality. The trick is to know about the issue.
A light leak may also indicate that a weather-sealed system is not so well sealed after all. But that depends on where the actual leak is. In any case, something that was not designed to get wet may very well get wet in fairly normal use. Generally, not a biggie for most users. I use my M8 the way many people feel requires a weather-sealed camera. It's a self-caused problem if something bad happens, but it is very unlikely that something bad will happen.