From what I've seen, ACPI on Linux is still very much a work in progress. I had to look into it because ACPI isn't just power management that's very useful for portables, but also handles PCI peripherals configuration.
Two other Linux distros that also have merged ACPI into the 2.4 kernel are SuSE Linux (since 8.1) and Mandrake (since 9.1). Red Hat reportedly had ACPI backported in their previous 9.0 beta cycle, but did not feel it was production-quality.
If you want the newest ACPI code, you'll probably have to merge it yourself; I don't know how feasible that is. In my case, enabling ACPI in the kernel does not work so well for my nForce2 system. Instead of completely disabling it, I've disabled just the PCI routing feature.
Unfortunately for me, I still haven't been able to get my Orinoco Gold PC Card wireless client (running off a PCI CardBus controller) working. I suspect it has something to do with ACPI, but turning it on and off has no meaningful effect. No luck with either SuSE 8.1/8.2 or Mandrake 9.1. The PCMCIA subsystem appears to load properly, and the orinoco_cs driver loads but it doesn't successfully speak to the card.
FWIW, there are many reports on the SuSE mailing list recommending turning off ACPI for desktop systems because it opens up more peripherals configuration problems than it fixes.
I'm not sure how ACPI could damage a laptop; offhand I believe the main consequences of no ACPI support are shorter battery life between charges and inability to suspend the system.