The first is that you end up with a defacto framework made up of the libraries that are useful in every project, with configuration copy and pasted from project to project. At some point you'll end up abstracting all that out into a higher level library, and boom, you're maintaining an internal framework.
The second, even less desirable, outcome is that every project in the company uses whatever mess of libraries the person who kicked off that project liked at the time. In that situation every time someone needs to work on a new project they lose hours to working out which libraries were being used, and learning how they fit together in this particular case.
Maybe that's a win for you and the extra flexibility is worth the effort, but that's probably not the case for most organisations.
I don't think that frameworks regularly achieve ANY of the results they set out to achieve, and they age terribly.
[0]http://www.workingsoftware.com.au/page/Kill_your_index.php.h...