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If we operate between Recommended operating condition and absolute maximum limit affect the reliability of the device.

This for critical space application

If you operate over the recommended operating condition the manufacturer does not stand behind the tested values announced in the data sheet.

As an example, capacitors age with time and their characteristic values (capacitance, ESR, etc.) may degrade with time. As the number of charges/discharges increases, the capacitor may age and has its characteristic modified. The manufacturer may then give you the insurance of a minimum capacitance (or maximum ESR) for a given number of cycles. Exceeding the recommended voltage value, but being less than the absolute maximum, does not imply that the capacitor explodes, neither that it creates an internal short, but that the number of cycles is quite probably reduced, and so that the "life" of the capacitor, and of its "intended" operation for which its "death" consequence depends on its intended job.

So, in general, exceeding the recommended values would make the equipment degrade faster while exceeding the maximum absolute may imply a major malfunction (explosion, fire, whatever). Note that it is a statistical behavior. Also, you may have a major malfunction even at a lower value than the absolute maximum if you fail to meet some other requirements (such as SOA for transistor).

You may also enter in a standard decrease characteristic through heat (such derating occurs even for resistors at a temperature of 70 degree C, as example). The absolute maximum and the recommended maximum are generally at a specified temperature (or themselves within a range). They MAY have to be derated within space where heat is not controlled, as example.