NO, but It effects the IDE performance and the compilation process of your project. I can give you a short example. If you have ever used coderush http://devexpress.com/Products/Visual_Studio_Add-in/Coding_Assistance/ which is from devexpress, their IDE optimizer and code optimizer will also suggest you to remove unused namespaces.
Update: Here is more use information from Dmitriy's Blog There are few reasons why you should remove unused usings in you C# code.