It can become a hazard once your child is able to climb. It can become a stepping stool onto higher, dangerous places (like bookshelves and toy cabinets).
Other than that, it is a fantastic toy. There is a variety of music in there, so it is not as annoying for parents as some other electronic toys. It is also very sturdy. Ours has been through some serious abuse (it has even gotten soaked in the rain) and it still works well. Despite all the keys and buttons, it is fairly easy to clean.
My daughter can't even stand yet and she loves this toy. I usually pull her bumbo seat up to it or hold her sitting or standing while she pounds away. This toy is advised for older babies but she has been using it since 4 mos. She is now 6 mos and still can't operate all of the gadgets by herself but she sure does love to try.