Version:           1.2 (using 4.2.00 (KDE 4.2.0), Gentoo)
Compiler:          x86_64-pc-linux-gnu-gcc
OS:                Linux (x86_64) release 2.6.28-gentoo

If you have a console open in dolphin with split view, whenever do some operation in dolphin (go to some folder, etc) the corresponding operation gets shown in the console. This in itself is an annoyance, but it can have severe effects. Create for example the following directory structure:

~/test/
~/test/important/
~/test/cleanup/
~/test/cleanup/toBeDeleted/

Now open dolpin in split view with a console attached. In the left pane show ~/test/ and in the other show some other directory.
Activate the right pane by clicking on it.
Type "rm -rf " (note the trailing space) in the console but DO NOT COMPLETE OR EXECUTE THE COMMAND
Click on the left pane in dolphin and watch the whole test directory get wiped out

The problem seems to be that the command rm -rf gets "completed" by clicking on the left pane by adding the string cd /home/oliver/test to it.
This makes the command rm -rf cd /home/oliver/test and it gets executed.

Thus, a simple click in dolphin could theoretically complete and execute any command on the attached console and therefore modify or even delete any directory you just happened to click on.

Note: This can of course also happen if you use non-split view mode. Just go up one level (guys, don't try this on a folder that is only one level below your home folder!)