[launchd-dev] What does launchd do, if the application in "Program" section was not found?

If in ~/Library/LaunchAgents/com.myprogram.plist i define "RunAtLoad: TRUE", but specify non existing application as "Program" parameter, what scenario does launchd follow? Does it just skip that plist file? Or does it try to find the program binary file in some other directory? what impact does it have on the speed of the system boot? Thanks