straight pipes?
from what i've heard, yes it can damage the valves... if i remember correctly (and i prolly don't) after you run the engine, and then shut it off, because there is no exhaust being pushed out the pipe it allows cold air into the pipe up to the hot valves, and cold plus hot is bad...
dunno if i got it right, but thinkin with logic, and followin my high-school physics, it sounds right...