I don't know if you've hit a busy patch in your life, you've decided that you're done with this conversation, or you thought my question was rhetorical. But I think it's important to continue with the discussion, since we still haven't circled back to Denver Snuffer yet. Please feel free to add any insights or questions along the way.
The simple answer to the question is: guaranteed apostasy. How would I define apostasy? It would be the opposite of having active binding keys. In other words, no ordinances or ordinations done on earth would be binding in heaven. God would not recognize them as valid in this life, or in the life to come. This is why baptisms for the dead are so important. Even though many individuals were baptized, and their baptisms recorded, their churches didn't have keys. That's why they must be re-done, this time with keys.What happens when these binding/administrative keys are lost to a church, or to the world as a whole?
It's pretty easy to see how apostasy would happen for an individual. If someone is excommunicated from a church with keys, it would be done through the key's "loosening" power. Again from Matthew 16:
Thus, that person would have their ordinances blotted from the heavenly record, no longer to be recognized as valid by God.19 And I will give unto thee the keys of the kingdom of heaven: and whatsoever thou shalt bind on earth shall be bound in heaven: and whatsoever thou shalt loose on earth shall be loosed in heaven.
But what about a general apostasy? Before I go there, I need to mention something very important. It is that keys aren't given sideways. What does that mean? It means that when a bishop is released (for example), he doesn't give his keys to the new bishop. They are given to him from the First Presidency (although usually delegated through another, since they can't do everything in person.) From D&C 68:
That helps to explain why it's so easy for a dispensation to apostatize. Only a few wicked men are needed to kill (or exile) the apostles who hold the keys of the dispensation. They are the ones who need to pass down keys so the church can function at all levels. After they are gone (and the keys with them), the church will slowly begin to die. All of those who held portions of the keys under them would eventually die or be released from their callings. The keys would not be active for the replacements. The ordinances going forward would no longer be done with the keys. Eventually, the apostasy would be complete.15 Wherefore they [bishops] shall be high priests who are worthy, and they shall be appointed by the First Presidency of the Melchizedek Priesthood, except they be literal descendants of Aaron.
Contemplating the Great Apostasy in that light fills me with great sadness. Can you imagine what it would be like to be in a ward where baptisms were valid one week, but not the next because the keys were lost? Where people have valid priesthood ordinations, but they can't give it to anyone else? I don't know what I would do. In fact, I would probably do as they did -- just carry on as if the keys were still there.