Will it still start recursing and deleting most of the stuff owned by your user? That's arguably more important than the system files!
# rm -rf /
rm: it is dangerous to operate recursively on '/'
rm: use --no-preserve-root to override this failsafe
There's still lots of ways to screw up a rm, like "rm -rf /*" or deleting your entire home directory, but a space after the initial / was apparently common enough that they eventually put a big failsafe for that in the GNU version. rm -rf /$MYVAR
If you don't set $MYVAR and don't set bash to error on unset variables you are in for trouble.You can also prevent this by never using $VAR, and instead always using ${VAR:?} to exit with error if VAR is unset (or use one of the other options to provide a default).
From that day onward I always make sure the first line of my bash scripts contains at least "set -e".