you'd be too embarrassed to drive it before you would get to the point where it broke down completely on you, they seem to go on forever. it's a stinker of a problem on clio 1*2's. it wouldn't affect performance, but i deffinately wouldn't encourage you to be giving it the beans. it's merely a valve timing actuator, governed by oil pressure. with oil pressure being different at different rpm's, once it hits a certain pressure or rpm .... bobs your uncle and vvt kicks in ((haha trying to keep this basic to not confuse you, nothing worse than that guy!)) but the problem is with the bearings. delphi and their shoddy parts (Y)
then again, it could be something else! but this is certainly a good pointer, tell the guys at the dealership that you suspect the dephaser. it's good that you've got warranty period left, could be a lifesaver