IF it's truly as bad or dangerous as some would indicate, then it should be closed now. So, either people are exaggerating about the safety aspect, or Disney's ignoring the safety/danger issues. I find it hard to believe the latter, considering lawsuit, OSHA, and negative publicity implications that might come in the event of an incident related to it's safety being ignored.
Personally, I've ridden it at least 3 times in the last year and a half, and I've witnessed numerous issues with the ride and operation of it, but none that I would consider unsafe or dangerous to guests. I know that's hardly enough of a sampling to determine safety, but I just can't imagine anything as unsafe as some are claiming unless there are electrical issues or load/unload problems endangering guests that I haven't seen. My own observation is that it's in poor operational condition (mostly due to the newer boats) leading to break-downs and stuck boats which requires CMs to take action to resolve or assist guests, sometimes putting them and the guests in potentially unsafe situations.
One other note, IF I'm wrong in my comments, or a CM thinks there are unsafe conditions for themselves or guests being ignored by Disney, I would STRONGLY encourage them to contact their supervisor first, but if that doesn't go anywhere, send an anonymous message to OSHA alerting them.