Generally, bad things happen.
It comes down to the design of the power supplies as some will have over voltage protection, so if you have one at 5v and the other at 5.1V, the 5v will cut out, so doing nothing. If the 5V has a over voltage check that is less than the 5.1V, it will short the power to the ground on the wire to ensure a 5V. This means the 5.1V power supply will work hard to drive the 5V up to 5.1V, generally resulting in it dieing (too much current needed). Of course, if the 5V power supply is cheap, it might not be designed to take a high voltage/current for extended periods of time, so part of it will die, and the whole power supply stops working as a safety feature.
Though if the 5V unit can take the power, the 5.1V unit will over heat trying to get up to 5.1V, which will trip out a good power supply, but kill a cheap one. The 5.1V could also have a current protection circuit which turns off the power supply if too it goes to high to protect itself. So it will turn on/off as fast as it can, or might just turn off until it is powered down (ie: there is a fault on the attached equipment, so not going to work until it forgets there is a fault).
Other things might happen, but generally it is wise not to go looking for trouble as cheap gear never dies nicely.
PS - there is a usb cable with two ends on it which look to allow this sort of setup to work, but it is designed to take this into account so is safe. The cable is a SUB cross over and acts as a null modem cable for data transfer between two devices.