I was in the army and a lot of people dip tobacco in the army, so I was able to kind of check out the long term effects of this habit. What I noticed, was that people who were just naturally unhealthy and dirty, tended to have bad teeth. Those that took care of themselves, didn't appear to have any dental issues from using smokeless.
So my understanding of it is this: if you take care of your teeth. Meaning, brush, floss, and don't drink sugar all day, then your teeth will likely be in good shape.
If you don't take care of your body and have proper nutrition, your teeth and gums will be affected, 100%. Damage to the mouth isn't just a surface issue, it comes from within as well.
Now, you may get some recession at the worst, just because of the nature of putting something foreign in your mouth.
Also, most people brush their teeth the wrong way, and cause recession from those bad habits. I went to a dentist that explained the proper way to brush, and it really does make a difference. Most recession is caused by bad teeth brushing.
First off, the tooth brush should be very small, with medium bristles. Secondly, do not brush from side to side, across your teeth. You should take the brush, and start from the gumline and up towards the top of the tooth. A couple brushes, and move on to the next one. It should not be hard or vigorous.
So, that is my take on it all. I've been dipping on and off for 6 years, and I am typically a heavy user when I am using. I have had no dental problems at all, nor have they changed since beginning this habit.