Yes, people would think a bit less because people would simply have the freedom to erase painful memories. But not all people, and that's not always a bad thing anyway. People are far too reactionary and fearful of new abilities given to humans due to medicine and technology to absurd lengths.
Don't we know by now that anyone will abuse drugs for many reasons that aren't even as practical as this one? People make poor decisions all the time and then wish that they could forget them later. I imagine that with that kind of incentive there would be a huge rush on poor decision making.