IME nothing - PVA is a great additive, it plasticises, and improves
adhesion significantly. If you add enough of it, you end up with a
relatively non-porous finish.
Actually, you can only use a relatively small amount of PVA
in mortar which is going to be exposed to moisture, or it
will cause the PVA/mortar to eventually fail. You only need
a small amount anyway -- something like a teaspoon per shovel
load of cement to get maximum effect. If you need any more
than this in circumstances where the mortar is going to be
exposed to moisture e.g. to make up some sort of bonding mix,
then you must use EVA (which is sold as waterproof PVA,
although it's not strictly PVA). SBR is another alternative
suitable for moist conditions (Lafarge's helpline suggested
it to me on one occasion), but not having tried it myself,
I don't know which of PVA's various properties it imparts to
the mortar.