Deactivating network blogs

We're building an install with WP 3.2.1 in Multisite mode running Buddypress 1.2.10. We, the sysadmins, have built several blogs on our network specifically for use by the rest of the community. I want to take one of those blogs temporarily offline; and if I go to the All Sites menu in my network admin, one of the hover-over menu items for the blogs is "Deactivate".

I'm just assuming that this Deactivate option will take my blog offline; but my question is: Are there any other ramifications to deactivating a network site? Will I have problems re-activating it in the future? Does it mess with that blog's files in any way? Is it kinda like 'maintenance mode" - i.e., can we work on the site live while no one else sees it? Or is it offline completely, for everyone including admins? Yada yada....

I want to know if there are any unintended consequences to deactivating a site on the network. And if we want to work on the site offline, would leaving it activated and running in maintenance mode be a better choice? My thanks in advance --