Physiologically, narcosis isn't harmful (as far as anybody knows). It's the impaired judgment while narc'd that can be dangerous, and it may also affect your motor skills or create a sense of invulnerability. It's not a function of your skill level, and it affects different people in different ways and at different depths. Advanced divers are still susceptible to narcosis, but are more aware of the initial symptoms so they're more equipped to respond to it before it becomes an issue.
This is one rationale for the 60' max depth standard for OW divers. Since narcosis generally doesn't manifest itself until you get to the 80-100' range, OW divers don't usually need to be overly concerned about it if they're staying well within the limits.
I've heard full-on narcosis described as being like a "three martini lunch". I've never gotten to that state during a dive, but on deep dives I do notice that it takes me a little bit longer to process information (like hand signals). Nothing serious that puts me at any great risk, but still noticeable. Advanced divers can also reduce the risk by breathing nitrox, which reduces the partial pressure of nitrogen -- and by extension, its narcotic effects.