There should be no effect.
Both projections are well-defined, and I consider them 'lossless'. Yes, there could be some very small movements in the coords, but well below data accuracy (like 5-6th or more decimal place).
It's possible you might lose data between them. Mercator is chopped off near the poles, so if you had data there, it would get clipped out.
Yes, web Mercator uses a sphere, but it's all being handled internally, and when data is unprojected back to lat/lon you get the original lat/lon values.
Melita