I've done this with an 120VAC Apple Modem 300 plugged into various 240VAC systems, and aside from struggling to keep up with the incredible speed of the device, I've encountered no problems.
HOWEVER, if your power outlet is incorrectly wired, with live and neutral reversed, then you could run into trouble. This is not too common, but it's something you can easily do by accident if you're also using a plug adaptor for different types of power outlet (e.g. a US NEMA 5-15 plug to a UK BS 1363 plug). Some of the really dodgy ones can't be relied upon to connect live to live and neutral to neutral, or they lack the features that ensure that you plug them in with the correct orientation. These cheap adaptors are never worth it!