Not filing your taxes is not the end of the world, but I would recommend that you file your taxes as soon as possible. If you are expecting a refund, there are no penalties or interest. As long as you file within 3 years of the date the taxes were due, you can still get your refund. If you file past the three years, you are not entitled to the refund.
Given the fact that many people did not get the refund that they anticipated, and some taxpayers actually owing. Due to that fact, it is vital that you file quickly in case you owe. Interest accrues daily and there are penalties you may face for not filing timely.
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