Bad for Avionic system:
Avionics system and computers fitted in the aircraft are work with various frequency spectrum, in which not all of those has a good "filter" to protect it self from interferences of "others" frequency such as: frequency of mobile phone, or frequency of other avionic equipment. Also, during flight we are stay together, in one closed room (aircraft cabin) with the avionic & computers, so frequency interference it's always happens, even you're talking.
Bad for your mobile:
As aircraft engineer, I been trying to let my mobile "ON" during take off, but then, at altitude of approximately 3000 feet, signal from mobile network Base Transponder Station (BTS) lost, then my mobile work in searching mode. If mobile always in searching mode, it will consume high energy of battery, and the transmitter - receiver circuit in mobile "working very hard" to find signal from BTS at that moment. So, I switched off my mobile. It won't work at high altitude.
But don't worry, the most modern aircraft, now equipped with "repeater" to "collect" the frequency of your mobile then transmitted to the ground, and the avionic system has a good filter to prevent frequency interference. So, if you want switch ON your mobile during flight, choose this facility and don't talk loudly in the cabin, as courtesy to other passenger.