Baking after the first rise (without punching down) vs the regular two rise approach?
Part of the effect of the first rise is to develop gluten in the dough. With an overnight rise, the flavour and texture of the final product will most likely be fine. However, you might have trouble shaping the dough before it has risen and/or relaxed. 

Note that even in bread recipes that explicitly tell you not to punch down the dough (such as Ken Forkish' recipes), there is a first- and second rise.