While it doesn't cut performance 75% -- Tigger is right on this -- you do have a noticable impact. Even some lower-end cards like the GeForce 7600 GTS I used to have lost about 20% performance by being mounted in my (then) shared-bus 16x slot that ran at 4x actual. It was a combo board. I found this out by reading some reviews on the combo boards at the time.
While there is potential future forward capability (in the form of unused channels), it still uses a bunch of those extra pathways on any even-close-to-modern card. Not all, but more than 4x provides.
You don't want to game on 4x, and this is from my personal experience. The peformance just lacks.