Not using TRIM will not physically damage/permanently degrade the performance of the drive.
As the little thingies get written too, there is less space for the drive to move stuff to save more stuff (something to do with being able to write small amounts, but has to delete large amounts before it can write to the same space).
When a file is deleted, its not physically erased from the drive, but can be overwritten.
The drive only overwrites once the drive is full (incl. previoulsy 'deleted' files by the OS).
e.g. Your SSD has 80GB space, and you have 60GB written to it (and reported by 20GB free by OS).
You then delete 20GB of stuff from the recycle bin. This is then reported as 40GB free space by the OS, but in reality this data is still on the SSD.
You then write 20GB to your SSD, so now the SSD is 80GB full, but 20GB free space is reported by the OS.
Finally, you write another 10GB to the SSD. The SSD has to do some crazy things to delete the 10GB of files that have been marked as deletable by the OS, whilst trying to maintain the data that is not to be deleted.
Effectively, as the SSD fills up in space, it has less room to do these fancy deletions and it takes more time (something to do with how much it can delete at once vs how much it can write at once). This is why it slows down over time.
What TRIM does is physically delete the file when the OS deletes the file (ie you empty the Recycle Bin), thus the overall used space on the SSD remains as reported by the OS.
e.g.
You have 60GB of stuff, and you delete 20GB of stuff from the recycle bin. When you delete this 20GB the OS (Windows 7) sends a TRIM command to the SSD which then deletes this 20GB thus the free space on the SSD is now 40GB, the same as reported by the OS. It has all this space to do its fancy moving/deletion.
The same effect can be achieved through use of OZC's wiper tool or Intel's SSD Toolkit (so you can run it on non-Windows 7 OS's), but obviously the firmware needs to support it, and you need to schedule it, rather than it being automatic within Windows 7.
And also this means you can't recover the data once you delete it!
I can't really explain it as well as Anand - Anand's articles on SSDs does a lot better!
In short, once you run the SSD toolkit on your Intel SSD (once they sort out their problems), you will be able to maintain your drive's performance at out of box speeds (or close to it).