Well, like most coding bad practices, plenty of which I'm guilty of too, it's fine until it's not -- and then it's really bad.
I can't immediately think of a practical way to make a problem out of that. But, you're making a couple of bets here: you're betting that there never will be a problem with it, and you're betting that the rules in PHP won't change in the future. All those folks that relied on magic_quotes already got boned by that second bet.
So, no, I wouldn't do it that way, but I wouldn't criticize you for it either.
I can't immediately think of a practical way to make a problem out of that. But, you're making a couple of bets here: you're betting that there never will be a problem with it, and you're betting that the rules in PHP won't change in the future. All those folks that relied on magic_quotes already got boned by that second bet.
So, no, I wouldn't do it that way, but I wouldn't criticize you for it either.