Email Question
 

I set up a fake email address (noreply@example.com) to sent newsletters to my members and I was wondering what happens if the email bounces.

Will this have any effect on my server?

Depending on server setup, nothing really, the emails could pile up in your queue if say the user you sent to doesn't exist(550), as the email address is fake, the host receiving the emails may take that as spam as well and report your IP and the possibility of your IP being blacklisted.

If the user never gets the email (fake user email) and my email really doesn't exist (using PHP functions) how will my IP be blacklisted/blocked?

It doesnt matter what email you use to send it with, it still comes from your server and your server is assigned an IP address, therefore the ISP's receiving that email address knows what IP the email originated from, if they cant send a failure notice back etc, they could very well blacklist your IP and report the IP as a spam IP.