If a species is said to be extinct, then that species is reduced to zero. There are none living in existence. The affects to other organisms of its extinction would depend on their value to the ecosystem. Regardless, extinction completely stops evolution of the species extinct.
This can affect the organisms living there because now, their environment is probably different than what they have been living in for a long time, so now they have to adapt to this new environment, and if they don't, the organisms will probably end up dying.
