Will storing spices on the oven affect flavor or anything?
I would keep them away from that area for 2 reasons - one is the heat, and second is that it's a dangerous location for the spices since the edge of most oven panels is generally very thin and not designed flat to be a shelf making it more likely for your spices to accidentally get knocked off than if you put them elsewhere.

Here is a link to a similar question answered by an expert: http://wiki.answers.com/Q/What_should_be_the_storage_temperature_for_spices