I would guess that the plaster will just continue to wear away if you
don't fix it. You'll have plaster chips floating around. You'll have
to repair the plaster at some point - I seem to remember hearing that
plaster needs to be redone every three years or so, and continually
needs to be brushed.

Now, I have worked at a facility that opted to not even put plaster on.
I think it's just asthetic. Could you get rid of all the plaster and
paint all the concrete?