Absolutely. I was hinting at that with my "within reason" comment, but if a mobo catches fire, all bets are off.
I would hope by all things legal and Holy, that Asus is putting a flame retardant coating on this entire "case". If not, they have some serious, and legitimate, lawsuits coming their way.

Actually both of these concerns have been addressed when companies like Recompute made cardboard computers.
What it basically boils down to is two things:

1. The burning temperature of cardboard is much higher than any temperature a computer could reach (within reason).
2. EMF/RFI concerns are really low nowadays, especially in low-power systems like these. Think back to all of those acryllic cases. Computers just don't have the right hardware (power and frequency outputs) to end up putting out that specific type of EMF.

I've included a link the the mentioned computer manufacturer for nostalgia's sake.
http://www.sustainable-computer.com/faq.php

Well you are in luck! It already happened, 15 years ago!

"AMD's first in-house x86 processor was the K5 which was launched in 1996.[7] The "K" was a reference to Kryptonite..."

I kid, I kid.

Source: http://en.wikipedia.org/wiki/Advanced_Micro_Devices#Processor_market_history