It's slightly better than having no case. Your thermals will still be screwed up though. The whole point of a computer case is to create air channels for the intake of cold air and exhaust of hot/warm air. If you just leave it open or have it all out in the open spread out, the same air will just circulate over and over again.
I don't get the thread title though. I thought you were going to post something weird like that fatass zit.