Baking after the first rise (without punching down) vs the regular two rise approach? Yeasted dough is usually given a second rise because after the first rise it's shaped, which knocks the air out of it and so it needs time to be leavened again.  But what if you shaped the dough before the first rise and then baked after letting it rise (without deflating the dough in the process)? Would there be any difference in the end result compared to the two rise method?  Assume that in both cases, the dough is left to refrigerate overnight for the first rise.
Part of the effect of the first rise is to develop gluten in the dough. With an overnight rise, the flavour and texture of the final product will most likely be fine. However, you might have trouble shaping the dough before it has risen and/or relaxed. 

Note that even in bread recipes that explicitly tell you not to punch down the dough (such as Ken Forkish' recipes), there is a first- and second rise.