Yes.
The first symptom is hissing and whining, with generally higher input and output ripple. The second is instability, as increased under/overshoot on transient loads, or outright oscillation.
The AP3012 is a peak current mode controller, meaning it is susceptible to chaotic behavior at low ripple ratios (that is, small change in inductor current per cycle, versus the average output current level). Slope compensation helps with this, but only to ripple ratios of maybe 50% or 33%.
An average current mode controller won't go chaotic*, but in both cases, a large enough filter time constant will go outside the stable range of the error amplifier's compensation time constant, causing the voltage loop to oscillate. This includes the output filter capacitor as well as the inductor, so don't go overkill on that, either!
*Actually a similar thing can happen, but it's limited to period doubling (ripple at Fsw/2), not full-on chaos.
If you have an externally compensated controller, you can adjust for the capacitor value, and inductor value to some extent, but you still won't be able to run a peak current mode controller at such a low ripple ratio without it behaving poorly.
Most regulators (i.e., integrated switch type) are peak current mode, because it's an excellent combination of performance, reliability (the current limit is very nearly as intended), stability and efficiency. Controllers (external switch) may vary more; or alternately, average current mode control is so easy that you can build your own from a few chips, who needs a proper controller. Average current mode is the most general in terms of suitability with large filter values.
Tim