That's pretty high for a 480 V nominal system. Remember the plus 10% for a NEMA motor starts at 460, not 480. So you'd be at +9% at the bus (voltage the motor will be lower, of course). Probably still OK, but what if the primary voltage goes up a percent or two?
Basically, everything will be seeing a high voltage, including all of the 120 V, 208 V, and 277 V loads, unless the taps of all of these transformers are adjusted.
Motors and transformers are probably the main concern, since they operated pretty close to magnetic saturation due to economics.
Motor operating parameters such as efficiency and power factor are based at operating at nominal voltage, so these will definitely change if you operate them at +9%.