Even more dangerous. You risk leg injury. However, if you are skiing pow and constantly losing a ski/two, you should look into it. If you're skiing steeps, you cannot run the risk of losing a ski... because you can't stick it out. You'd be done for.
If you tie a cord, you will still release from your bindings (less risk of lower leg injury). However, if you're rag-dolling, like someone said, you might have a 7 pound knife tumbling down on you.