WP Media Store Folder

I have a question regarding the upload store folder in wordpress which is used to store images we upload from posts or the media -> add new section. Basically i installed a new WP 2.9.1 and using it to publish basic articles and stories with images.

Now after installation i have checked the “Organize my uploads into month/year folders” option in Settings->Miscellaneous page and started to enter posts with their images. However after a few days i have realised that it would be better for my images to be stored into a common store folder and would like to uncheck this option of storing in month/year folders — since i have certain requirement in my themes which need this.

My question is –> If i uncheck this option in Settings -> Miscellaneous so that uploads are stored in a common folder, would this affect my previous post images display or management.

Would appreciate if you can advise me the repurcussions in doing this.

Thanking you in advance.