It ought to be feared, if interoperability is involved. The problem isn't that you might introduce security issues. The problem is usually that you introduce very subtle deviations to the spec that everyone else implemented correctly, and as a result, sometimes your input and/or output do not work with other stuff out there.

Okay so it's more terrifying in C than most other things, but still, it's terrifying. Runaway memory consumption, weird Unicode behaviour etc. etc. etc. It's easy to think you don't have to worry about Unicode because your language's string types will handle it for you - but what do they do if the input contains invalid codepoints? You're writing a parser, you need to know - and possibly override it if that behaviour conflicts with the spec.

Horrible business. Definitely not my favourite job.