In most cases a firewall has little additional value over a router just using NAT. Nat because it is stupid and does not know which internal machine to send traffic to unless you port map it will just drop it. That is pretty much the same as a rule that says no inbound traffic which is recommended on firewalls.
The thing the firewall does when there are no rules is it protects the router itself. It will automatically detect some of the common attacks like half open sessions or packet fragmentation attacks. Pretty much it makes it harder for someone to crash your router but it can not stop the more common attack of data flooding which eats all your bandwidth since it has to come all the way to your house for the firewall to see it...