wade your way through this
http://msdn.microsoft.com/en-us/library/cc917680.aspx
its giving me a headache.
I think the results would be the same as safety is OFF, and not as bad as you think.
MS do not recommend running mirroring in high safety mode (synchronous, no mirror) but honestly I have had no problems doing so and it has advantages when you want to failover\failback.
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