On the DOHC cars, a failed head gasket can eventually mean engine death from sludging and other bad stuff happening.
On the SOHC cars, head gaskets tend to fail "externally" - they leak outward, so as long as you keep oil and coolant topped up you can drive effectively forever like that.
I have seen one internal leak on an SOHC car, but the car sat for a really long time and was started up without checking for sludge. Spun a rod bearing at idle and the oil came out like chunky salsa.