» Mon Oct 22, 2012 6:04 pm
https://support.steampowered.com/kb_article.php?ref=7418-YUBN-8129
Loading times will be worse, but how much worse depends on the game and your SSD and HDD. It's not going to be much worse if your HDD is fast. If it's a 5400rpm energy saver drive, it might be. You can always try, and if it doesn't work out for you switch back.
A lot of game files, like textures, are large and rely on the drive's sequential read speed. HDDs do this fine, if slower than SSDs. Where they suffer and SSDs really take off is on small random files with seek time in between (because SSDs have no moving parts and near-instantaneous seek time).