I think it would make things more interesting. So many problems that would then be solvable in polynomial time.
As an example, the knapsack problem with n objects and weight W is solvable in O(n*W) time, but it's known to be NP-hard. This doesn't prove P=NP, because W is exponential in its length. This is called a pseudopolynomial algorithm.
Coincidental too since I just read about the AKS algorithm on Terrence Tao's blog. http://terrytao.wordpress.com/2009/08/11/the-aks-primality-t...
With a bit of luck you might also be able to come up with a scheme to generate optimal nonuniform circuits for smaller problem sizes, which would ammortize nicely if you had enough of the smaller instances to solve.