If your car is still under warrenty, then yes, you will be violating it - it's essentially overclocking. And depending on the vehicle and the factory settings, you can get anywhere from A CRAPLOAD to NO performance increase. Crown Victorias, for example, have two different factory chips - one for civilians, one for police. The police chip provides a lot more performance - and if, god knows why, you want your Crown Vic to perform better, a police chip is a simple, cheap, but very effective upgrade. Turbocharged vehicles will, on average, see a lot more benefit than NA vehicles due to the turbo being tweakable.
Also, you will induce more wear and tear by running with more agressive settings.