When Lasik goes wrong, there are a variety of complications that may occur.  Some of these can be devastating while others are just annoyances that you have to live with.

Corneal Ectasia
This is a side effect cause by the build up of fluid pressure on the eye.  The only way to fix this is to have a corneal transplant.  This is a devastating side effect and corneal transplants occur few and far between.  Most doctors do not mention this side effect when they discuss Lasik with you.  It is something you should not be afraid to bring up, it shows your surgeon that you have done your research. 

Severe Dry Eye Syndrome
This is a side effect that occurs when your eyes are not able to produce enough tears to keep the eyes moist.  This can cause major discomfort and is hard on the eyes.  It can cause diminished vision and reduced quality of vision.  This may be treated with eye drops and plugs.  Some patients experience this temporarily while it is permanent for others.

Loss of Vision
Depending on the severity of your vision, it is possible to have a complete loss of vision after surgery.  This is a serious complication that cannot necessarily be reversed.  It is a big price to pay when you only had minor issues prior to the surgery. 

Diminishing Effects
Some patients who have farsightedness experience a return of poor vision over time.  This is because the effects of the surgery are not always permanent.