I think the biggest risk is that someone can cut and paste it, and use it against you. Sometimes to 'gaslight' you, which is American slang for 'screw with your mind'. For example, in one game they created a guild or something for a BDSM club. Some young-ish girl joined and was publicly enjoying what she thought was a private moment. The next day, someone broadcast what she said while getting spanked by a Mistress throughout the whole world with a shout. That woman/ girl was humiliated. It was a cruel and childish prank, but it could be worse.
Combat pilots must be calm and focused to succeed in battle. Things such as ERP, when carried on with more than two people, has the potential to be spied upon and used against you. This isn't too far fetched when you live in a high security, high surveillance police state like Caldari or Amarr. However, it can also be used against you and twisted against you.
Emotions and tempers flare, when what you thought were private roleplay sessions were cut and pasted, had names changed and doctored, and fired off with an urgent complaint from a 'concerned citizen' to your CEO and senior officers? What if an AWOXer alt blurts out some intimate, and what you thought was private, ERP that you wrote that somehow got saved to be used against you? Certainly in the middle of combat, that might fluster you a little. Imagine it happened as part of a war dec? Like the War of the Roses?