Hi Nick,
mashing longer *usually* won't cause any problems.....depending on temperature! As with pretty much all things in the Mash, temperature is single largest factor, followed by pH.
Basically, the enzymes just have more time to work. However, you will reach a point, where they've finished their work.
Cons of leaving the mash too long are:
-increased exposure to oxygen
-increased extraction of tannins out of the grain-husks
If it sits around at 50-60deg for ages, that could be problematic. The Amylose (one of the components (approx. 20%) of Starch) can crystalise at 50-60deg.
Between 50-60deg is also where two of the protein-processing-enzymes (Endopeptidase and Exopeptidase) are active. Depending on your malt properties, this could have either a positive or negative effect on the head retention.
These proteins are also very important for you yeast - However!!! too many are bad ==> negative byproducts during fermentations
(as our lecturer in this topic says: it's a bit like us, a few sausages and eggs for breakfast is quite ok, but if you have 3 kilos of each, it's a different story..)
^but of a complicated answer, but basically: it all depends on the temp!
But up to a few hours is not a problem. (some of the mash programs in our brewery where up to 2 hours. e.g. Festbier with decoction mash)