Speaking from a mother's perspective here, DS2 was 34+3 weeks according to hospital dates but according to mine he was closer to 36 weeks anyway he was 3090gm (6lb 13oz) and 50cms long. He was placed on my chest for merely seconds before being whisked away. He was ventilated at birth and given a loading dose of surfactant and then taken to the NICU. He was only ventilated for around 6 hours and then went to CPAP for around 12 hours. Because they gave him a loading dose of surfactant it meant he had to stay monitored for 5 days which meant we were unable to transfer to the local hospital. The only other issue he had was Jaundice and he did require 2-3 days of NGT feeding too.
The only lasting effects were that he was more inclined to get colds etc that affect the respiratory system. He required ventolin etc for around 12ish months and now at 2.5 hasn't had any ventolin for around 6 months, however he still tires easily (lung wise). However there is a family history of asthma, so it may not be from the RDS itself but rather prematurity and the risk of asthma anyway.
DS1 had Hyaline membrane Disease which I think they now call RDS anyway, however he was a lot earlier. He's had no lung issues since he was about 4 months old (with the exception of his ICU admission 6 months ago, but that was for aspiration pneumonia).
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