It does matter in some cases. For example, in Edison screw desk lamps, the tip is supposed to be connected to line, with the outer ring connected to neutral. If this is reversed, there is a risk you can shock yourself screwing or unscrewing a bulb while the lamp is turned on, because now line is on the outside, much closer to your fingers. Worse, the light switch would now be switching neutral, so even turning the lamp off won't stop this.

EDIT: Demonstration: https://www.youtube.com/watch?v=_Q5wYV3flKI