I stumbled across this thread while researching security for wp-config. I know it’s a pretty old thread, now, but I’m sure that there are lots of other new WP users who are wondering whether it is safe to leave the wp-config.php file where it is. So, after some research I have concluded that:
NO, you cannot delete wp-config.php without screwing up your entire blog
YES, leaving it there does present a security risk
For a solution I recommend this article, which details several methods for protecting wp-config WITHOUT deleting it. Hope someone finds this helpful!
Rach