Statements from Google which are on record and verifiable, versus anecdotal evidence of what happened to some undefined person. I somehow think I'm going to choose to believe Google on this one.
The current side effects of a Google Profile suspension, with confirmations by Google staff in various G+ posts, are:
Any other side effects reported until now have been labeled bugs and were not experienced by everyone consistently. Of particular note, a Profile suspension currently does NOT (modulo reappearing bugs?):
So that's the state of the world today. Whether it stays that way is up to debate, and I posited that question in my post that clarified the name policies as being an artifact of Profiles (including a reference proving that users can be banned without even having access to Google+ to begin with).
How often I found where I should be going only by setting out for somewhere else. -- R. Buckminster Fuller