Is the application itself "safe"? Hmm, yes. I believe the adware/spyware it used to have is no longer bundled. But as far as the files on it go, it's like constantly browsing "the bad part of town" on the Internet. Full of all kinds of nasties.
As long as you are reasonably scrupulous and discriminating, and aren't looking for illegal stuff to begin with, and have a good virus and spyware/adware scanner active, and you make sure to scan every file before opening it, then you should be fine. But I wonder what you're trying to get on it. As much as it has legitimate uses, it really is a haven for illegal files these days, so there may be a better option for what you're looking for.