$\newcommand{\Reals}{\mathbf{R}}\newcommand{\Brak}[1]{\left\langle #1\right\rangle}$If $V$ is a finite-dimensional real vector space, then a symmeric, bilinear, real-valued pairing $\Brak{\ ,\ }$ is non-degenerate if
For every $x$ in $V$, there exists a $y$ in $V$ such that $\Brak{x, y} \neq 0$.
I assume you're asking about non-degenerate pairings.
If the pairing is neither positive-definite $(\Brak{x, x} > 0$ for all $x \neq 0$) nor negative-definite $(\Brak{x, x} < 0$ for all $x \neq 0$) , the quadratic function $Q(x) = \Brak{x, x}$ is continuous and changes sign, hence vanishes for some non-zero $x$.
There are immediate algebraic consequences, such as
A non-zero vector may be orthogonal to itself.
A non-zero vector can fail to be proportional to a unit vector. (See gammatester's comment.)
If we define the unit sphere to be the set of $x$ such that $\Brak{x, x} = 1$, the primary technical consequence of indefiniteness is arguably
The unit sphere is non-compact.
Generally, if $(M, \Brak{\ ,\ })$ is a compact manifold equipped with a continuous/smooth field of non-degenerate, indefinite inner products, then the unit sphere bundle is non-compact. This completely changes the character of, say, the geodesic equations on a compact manifold. Compare, for example:
Riemannian geodesics (critical points for the energy with respect to a Riemannian metric, a.k.a., a field of positive-definite inner products), whose long-time existence is guaranteed.
Planetary orbits (critical points for the Lagrangian of Newtonian mechanics, which acts as an indefinite metric on the tangent bundle of the configuration space), which can end in collision in finite time.
Timelike geodesics in general relativity, which after finite proper time can cease to be extendible.