Along with the loss of mature trees for decades -- many forest fauna depend on mature trees for hollows to live in, logging simplifies the ecosystem. Forever is a long time, but industrial logging -- even single tree selection -- simplifies the forest by removing trees that are paticular species (the ones that make better timber) and removing trees in a certain age class (the ones that make the best saw logs. This will inevitably result in a logged forest being less effective habitat overall.
Logging also has long term effects on soil and water.
For water, the yeild into the catchment increases dramatically immediately following logging, because there are less trees to prevent the run-off into creeks. Over time though, logging forests decreases the amount of water in the creeks and rivers, because it stimulate regrowth to an unnatural degree, which sucks up alot more water. This is partly why plantations are so terrible for the environment, because they use so much water.
Logging also simplifies and destabilises the soil. There is so much complex life going on down there that we barely understand. Exposing the soil to the sun when it is turned over by logging equipment kills microscopic fungi that live there and help give the soil its structure. Once they're gone, tey're very hard to get back.
So: Loss of habitat features, loss of water, simplification of the soil...