Well, it'll ask you to log in, at which point your username and password will be sent to whoever made the website, giving them full access to your PayPal account. If it's been done like every other "phishing" website I've seen (I used to deal with abuse-reports in work, covering things like this), then you'd most likely get a message saying your account has already been disabled but will be re-activated within 48 hours, by which time it'll have been emptied anyway...

If you've still got the actual link that email pointed at, it may be worth reporting the email to the ISP that hosts the "website" it actually points at (since I can guarantee it won't be PayPal's own website).