What happens when permittivity and permeability are less?
Both permittivity and permeability are constant in free space but take on other values in different media, together they determine the speed of light in a particular media. If you are asking the hypothetical question, “what would happen if they were different in free space?” (Which they can’t in reality), then the speed of light would be different. If the speed of light was very slow, perhaps we could observe relativistic effects!