Sure does... death! Our Center for Disease Control (U.S.) says: "The disease is most dangerous for babies and young children. From 2004 through 2010, there were 148 deaths from whooping cough reported in the U.S. Almost all the deaths-135 of the 148-were babies 3 months and younger.
More than half of babies younger than 1 year who get the disease need care in the hospital. About 1 out of 5 babies and children with whooping cough will get pneumonia (a serious lung infection). Whooping cough can also cause seizures (jerking or staring) and brain damage."
The same site also says: "Pertussis itself can cause pneumonia, especially in infants. Sometimes this can be severe, requiring intensive care. Following such severe disease, people may recover gradually and may not recover completely. Lasting effects on lung function might result in shortness of breath or fatigue that limits activity. The potential for serious and lasting effects of pertussis are an important reason that children should begin their vaccines and receive every dose on time."
However other sites seem to indicate severe, long lasting effects are fairly rare...