Not really. Some true race pads are dangerous on the street, in that they have terrible grip when they're cold (and no matter how "aggressive" you drive on the street, you're unlikely to get pads track-hot on the street - unless you're planning to slam on your brakes full force every 10-15 seconds for 10-30+ minutes straight). That's probably the general reason people advise against it.
However the Carbotechs (at least, the lower-end XPs like we're discussing here) seem to grip just fine cold, they just make a lot of dust and noise and everything else you mentioned. Most people get pretty tired of it pretty quickly on a street car. Every time you pull up to an intersection to stop, everyone around you is going to by saying "WTF is wrong with that car, he should go get his brakes checked before they fall apart"
