What results will I notice once i replace the o2 sensor in my car?

My car is a 2003 Honda Element Ed awd auto. I've had a check engine light on my dash for a while and I brought it to a mechanic for a diagonistic scan and it comes out to be a bad o2 sensor. My inspection is due in a few months and I'll have to get it replaced

But my question is what symptoms will having a bad o2 sensor do to my car? Will it affect off the line acceleration, will it affect acceleration at any speed? Will it affect my cars gas mileage and top speed?

ANOTHER EPIC TROLL FAIL MARC. Busted. Now take your meds and go play in the freeway like a good boy.

HI so using the POKE with NO HOPE method always rates as a disaster. When diagnosed by the makers dealer the cost is usually far cheaper

If it's a Bank 1 Sensor 1 02 sensor the motor may be running lean and you won't feel it.
If it's a Bank 1 sensor 2 02 sensor the motor is not effected as that sensor only monitors the catalytic converter to make sure it's working.