*sigh*
5000 plus hard km on my ghetto road bike... pushing 2000 km on my ghetto winter fixie... there have been no problems whatsoever.
When I did swap the cogs on my road bike (I used industrial strength red loctite) it took three people to remove the cog... one person to hold the front of the bike, another to hold the chain whip, and me turning the wheel for better leverage.
I also had to torch the cog after our initial attempt to remove the cog failed.
If you do ride a "ghetto" conversion you need to do it up right and run a brake / brakes...something every bike needs anyways.
Also remember that Loctite 271 requires approximately 24 hours to cure and achieve 100 % strength.