_If_ the pipe breaks up the incoming data, I assume its on 1 of these boundaries of 64kb-ish: http://unix.stackexchange.com/questions/11946/how-big-is-the...
http://stackoverflow.com/questions/4624071/pipe-buffer-size-...
In general, when I've seen this technique used in Ruby (RVM?, back in the day) and/or PHP (Composer recommends a similiar Curl install technique, but composer.phar is an digest-archive of sorts ....) the installer code tends to be about a paragraph worth of text.
All in all I understand your point. But your contrived example of rm -rf seems a little too contrived. In this case we're were talking about PHP code ... the chunked-piped code would still need to be valid PHP of what "rm -rf /" is not as it's missing important tokens to denote valid php expression(s).
It seems like it would be equally worrisome to worry about Brownian Motion flipping a bit in memory and catastrophically affecting my program execution -- possible but unlikely.