Regarding impact after disabling a protection: I believe to have read somewhere and/or logically think that disabling this protection will basically allow an attacker to bypass ALL your layer 7 protections in URLF, APCL, IPS, DLP, AV etc.. This is because you would allow passthrough of packets (i.e. bytes, URLs, malware) that contain data that the CP parser can't put into context anymore. Say a signature for an attack that you configured in IPS to block TCP traffic consists of 10bytes, the way to bypass a protection would be to send the first (say) 9 bytes, then transmit enough data to exceed the sliding window buffer in the firewall's TCP implementation (say 32kb), then send the last byte of the 10bytes. They would potentially be reassembled by the communication partner which doesn't have to deal with thousands of simultaneous sessions and therefore might have a much bigger TCP receive window.
Happy to be proven wrong...
On another note, I seem to work with some customers that only saw this protection being triggered from R80.10 but we're still investigating.