What effect does wing loading (high and low) have on aircraft performance?
Wing loading is, as a North American industry standard, defined as weight/wing reference area (W/S). But then again, there is nothing wrong to define it as mass/area; so be careful of comparisons against literature.

As you have correctly cited in your OP, a large wing loading inversely affects performance, this includes takeoff performance and turning performance, all due to increased stall speed. Assuming a constant maximum lift coefficient, the larger the wing loading, the higher the stall speed:

$$V_{{s}}=\sqrt{\frac{W}{S}\frac{2}{\rho C_{L_{max}}}}$$

Large wing loading, however, is beneficial from a ride comfort perspective and offers structural benefit (i.e. weight saving) when considering gust loads. Assuming the same level of gust, the faster an airplane flies, the higher vertical acceleration (G) it experiences. A particularly salient and approximate relationship can be found in 14 CFR 23.341 (pre Admt 64), whereby the load factor from gust is given by:

$$n_z=1+\frac{K_gU_{de}Va}{498(W/S)}$$

In the above, $K_g$ is the gust alleviation factor which increases with W/S, $U_{de}$ is the gust speed in ft/s (found in 23.333 and decreases with altitude), $V$ is equivalent airspeed in kt, $a$ is the lift curve slope. As you can see, the load factor decreases with increasing wing loading and increases with increasing airspeed.