Not only does deleting it remove the shared Photo Stream from your i Phone, i Pad, and/or Mac, it will also completely remove it from the devices of anyone and everyone you shared it with....
A shared Photo Stream is a more private way to share a collection of photos with just a specific set of people.
These show up under the Shared tab in the Photos app on i Phone and i Pad and under the i Cloud section of i Photo on the Mac.
Photo Stream is part of Apple's i Cloud service and can sync all the photos you take on your i Phone and i Pad.
You can then access them on any other i OS device or from any Mac.
With i Cloud’s Photo Stream feature, photos taken on a i OS device and photos imported to your computer are automatically sent to all your devices including Mac, i OS devices, Apple TV, and PC.
On i OS, the photos are stored in the and on Mac through i Photo or Aperture.
A shared Photo Stream lets you create and share an album of images with anyone you'd like.