The effect would be any statutes that apply only to citizens no longer apply to you. If there was no effect they wouldn’t have created it. My first guess would be that you could go to Cuba without it.
Rubbish. The only way a US citizen can voluntarily become a non-citizen is to file a petition for renunciation at a US embassy or consulate. By the way, there aren’t any of those within the US. Seriously, do your homework here.
It is not possible for a US citizen (except in time of war, and only then with the Attorney General’s approval) to effect a renunciation of citizenship with legal effect while in US territory. Period.