Excellent points, Maya. Another concern is where these lenses are made. There is no way of knowing if they have been manufactured in safe environments and have met quality control standards. My guess is that there are many cheap or fake imitations that have been made with little or no regulation.
Here's an interesting quote form the American Academy of Opthomology:
The American Academy of Ophthalmology has gone so far as to call the circle lens fad a 'dangerous trend' and warns that without proper fitting, the use of decorative lenses and circle lenses can lead to inflammation, pain, and 'more serious problems including corneal abrasions and blinding infections.'
Also alarming are tutorial videos such as this one which received 9 million hits on Youtube:
http://www.youtube.com/watch?v=bHVOxhEpjp0
I'm sure that this has done much to fuel the craze. The risks are not worth it!