Depending on what you toss into the bowl, parts could potentially get wedged together and could get damaged that way. Also, if a part gets wedge a certain way against the bowl, it can potentially eat a hole through the bowl (I've had that happen before).
Yes, if you let them tumble for days or weeks on end, parts could potentially get worn down in places that you might not like.
Certain parts are zinc or nickel plated, so it is possible to wear through or strip that plating.
Also, I don't mix small parts (screws, nuts, small brackets, etc) with large parts. That way the small parts aren't banging against the larger ones.
I generally try to check the tumbler every 2-4 hours or so to make sure things are ok, rather than leaving it completely unattended.