Some more:
Kutter, I think you already have answered your question: it is because Krags operate at much lower pressures the the .30-06. The danger is caused by the intersection of 19th century metallurgy with 20th century cartridge pressures.
I don't think that really is the answer in that both the Krag and the low#'03 both share the same steel and heat treat methods in their receivers.
They both then would have the same dangerous tendency to do harm to the shooter if used.
The low#'03 is said to be totally unsafe with ANY load. DO NOT fire them is the word. With ANY ammunition, reduced load or otherwise.
The Krag rifle (same steel, same heat treat, assumed same brittle nature),,,,,no warnings,,,no 'do not fire with any loads'.
Reloading manuals sometimes cited the 'test rifle' used in working up loads as 'US Krag Rifle'.
Commercial ammunition boxes clearly labled 'for US Krag Rifle' well into the 20th Century and well into the era of the 'don't shoot low#'03s'.
One's a handgrenade with any ammo, the other,,just another rifle to be used w/normal loads. Both made with the same material.
Yes the 30-40 working pressures are lower than the 30-06. I realize that and stated so. But even at my guesstimate of a working range of 30Kpsi that seems to be OK for the Krag,,,,why would that not be acceptable in a low#'03 if the receiver is the same material/heat treat.
I'm beginning to believe it's more about the design than anything else,,that unsupported brass. Especially after seeing the blown Krag pics and reading how it was done.
There are lots of Euro sporters around that were case hardened by who-knows-who and by what extent the case actually penetrates.
No one seems too concerned about the safety of those oldies when sitting behind them and touching them off. We treat them with respect when it comes to the loads if we're smart and check them first to insure safety as far as possible. Many of theose have a large portion of their receiver ring gone in a dovetail cut for a claw mount. Again, design probably plays the greater role.