I've done this. I've erased a certain memory from my past.
Be warned: It works, and it works very, very well. Use with caution.
When I try to recall the event which I erased from my past, I can't recall it anymore. I have incredible difficulty recalling it--it's like the memory isn't really a memory, but a fantasy.
It's like it never happened.
It produces no emotional charge anymore, and doesn't produce anything at all, really.