If the root directory "/" is exported, even read-only, it may be possible for an intruder to copy the password file and crack it.
If "binary" directories such as /bin are exported read-only, it may be possible for an intruder to determine the exact version of various programs and design a buffer-overrun exploit for them.
If "binary" directories are exported writable, it may be possible for an intruder to overwrite programs which do not belong to root.
If "user" directories are exported writable, may be possible for an intruder to add entries to an ".rhosts" file and thus login without a password, or to create ".forward" files allowing arbitrary commands to be executed.
A.Daviel