Okay, thanks, RPN.
Because KO can write to the bound global variables, in addition to reading from them, it is conceivable to accidentally have something like this:
<input data-bind="value:location" />
I think now the browser will make a GET request for any URL entered into the input, because the input is bound to window.location.
A bit far-fetched, but might be a security issue.
It would be nice to get an exception when attempting to bind on non-existent properties within the view model's scope.
(I believe a local variable can be used instead of "with" - but I've not looked into the KO source so that's just a guess.)
I'm sorry for volunteering stuff without looking too much into the KO source, but I have problems of my own! :D