What kind of implications exist if you have SQL set to simple vs. full recovery mode? What will happen to the transaction logs?
This can be a complex question, depending on your database recovery needs. I would suggest reviewing the following links to get familiar with the reason why the transaction logs grow so large:
Decreasing the size of the transaction logs (MSDN)
A transaction log grows unexpectedly or becomes full
First you have to determine - do you need point-in-time data recovery? Then full transaction log is needed. Are you OK with having partial information saved to disk? Then the simple mode is for you. Both have it's drawbacks and advantages.