You'd want a door of some sort to keep things (cats, children) from falling down it, no?
We have kids and a cat and none have had trouble with it. It's not half as dangerous as and has a lower attractive-nuisance factor than any set of stairs.
I remember crawling up and down it all the time as a kid while playing hide and seek or whatever. In fact it had a flaw of a weak latch. Sometimes when you closed the bathroom door, The laundry chute door would fall open, blocking the bathroom door from opening. When this happened the only way to resolve it is to send a small child up through the laundry chute to close its door.