They can still be unsafe out of the recovery.
Entropy (an experienced and recognized kernel developer) said that the processes occuring in CWM-recovery aren't that different to the processes in Android. He said there's a risk using it normally, and that with high I/O usage it will be just like flashing the rom and the stupid "feature" will activate = wipe your emmc and possibly a "bad" wipe so that it can no longer write (ie Actual HARDWARE DAMAGE)...meaning even with a Jtag/Jig and Odin you cannot revive it because it is hardbricked (aka SuperBricked).
This "feature" (MMC_CAP_ERASE) has a use and is from Google source (the AOSP). But something in the kernel keeps activating it when its used heavily (I/O - like hard number crunching in Android or Recovery) and wiping the eMMC. Its NOT meant to be activated under those situations, at least not automatically and not uncontrolled.
You need to realize this is a REAL issue, and NOT a scare tactic from Entropy, Reinbeau, ChainFire, neobuddy, etc etc. These are real (and recognized) developers/members who confirmed the bug in the kernel of the official ics roms (lpy, lpf, lp9 etc). And its not just the N7000, other Samsung devices have the same bug in the kernel, with confirmed bricks. There's a reason the thread is STICKIED in the board. Remember these developers dont get anything if you flash/dont flash...so for this to be a "scare tactic" is completely baseless and without any sense. And flashing a new bootloader won't solve the issue, but is very dangerous and can lead to headaches later for you.
As much as I appreciate the enthusiasm in this thread, I do respectfully warn you to get some background info before you flash ANYTHING. Some members here like firasusman shows his enthusiasm and is telling people to flash this rom with the new kernels and telling you there is zero risk. His justification is that "He trusts this man [m3dd0g]" and that buying another Note is Not a Problem. I will just tell you upfront those are DANGEROUS propositions.
I don't know you, but I dont want you to BRICK your device; weather SOFT or HARD. Its such a pain if its happened to you, and the financial burden can be too much for some people. I've played around with a JTAG so I'm telling you this from experience, its a very bad state (frustrations/time wasted/effort spent) to be in. There have been many people who've flashed the LPY kernel and haven't bricked their devices, but there now AT RISK when flashing another kernel/rom and even normal usage...and even that is something I wouldn't wish for anyone.
Here's the summary: Wait for it!
The (few) Kernel developers WILL eventually create a custom kernel WITHOUT the bug, and use the new drivers from the kernels. Or Samsung will respond to our emails and update their software/release an ics update without the bug. Or the available "safe" kernels (eg CM9 nightlies) will resolve their issues (loudspeaker etc etc)....and safe development will continue. Just follow the boards for news, trust me the wait will be worth it