What are the pros and cons of not installing baseboards.
You can essentially do whatever you want. Safety doesn't really play a role but there are some things to consider.
For instance, a floating floor needs expansions gaps where it meets the wall and between transitional areas.
The gap is supposed to be at least 1/4" and usually no more than 1/2". If you do not have this gap covered, how do you intend to keep crumbs from getting under there, or the edge of the flooring from lifting up since it is not nailed down?
Asides from that, it may look ugly and incomplete.
If you do not like the idea of a baseboard, or if budget plays a role, then you might want to consider at least using a quarter round trim.
Note: I have assumed you do indeed have expansion gaps.