Liberating the "I" from being believed in and stuck somewhere has many effects.
The main one may be a liberation from a sense of struggle and suffering. Everything happens as before, although with less or no of the overlay of a belief in abstractions (such as an "I" and a particular identity) and the struggle that comes with it.
There is pain, joy, sadness, happiness and so on - as before - but now they come and go on their own. There is not the struggle of clinging to some of them and trying to push others away. They arise and dissipate in space, as clouds in the sky.
As many say, there is less/no suffering because there is no longer any "I". There is nothing against which what is happening can clash.
Of course, this may be a somewhat idealized way of looking at it. In my experience, there are definitely periods like this, and then there are periods where it takes a little more effort - where some practices come in handy. It just depends on where the center of gravity happens to be - as the groundless ground or as this human self, and it is a gradual integration process.