Reverse implied odds is a term which describes the situation where you are drawing to a hand, hit that hand, and still have the losing hand. Reverse implied odds are present in every non nut drawing hand. If you stick to solid draws and strong preflop standards, you can minimize the damage done via reverse implied odds.
While this concept is not obviously put into play in every hand, when it does affect you it usually does so with extreme consequences, as it inevitably occurs with you having a very strong, second best hand. One obvious case of reverse implied odds is set over set.
Unless you or your opponent is especially passive, or the board becomes terrifying, you will usually lose your stack with set over set. This is a clear cut case of drawing to a hand, hitting it and then losing anyway. While this should not dissuade you from drawing in it's entirety, it should put a damper on your passion for implied odds.
The weaker the draw, the more susceptible it is to reverse implied odds, which is the key argument behind solid preflop standards. You will see I advocate, even in loose games, only playing Ax suited not Kx suited or suited connectors and it is for this very reason that I do so; when you are playing only the ace high flush draws you are much more often the recipient of the effects of reverse implied odds, as opposed to the victim. It is also possible to face reverse implied odds with an ace high flush draw, for example vs a set some of the outs to make your flush will also make their full house.