Absolutely. If the above script was a cgi, you might as well reformat your disk now. If the script is meant to be a 'quick hack', evals work, they work well, and with minimal coding.
I have used unsafe hacks like this for my personal dirty scripts because I dont have the time, inclination, or need to make them luser or h4x0r safe.
As tachyon says, never use eval on user input unless this is intended to be a 'dirty quick hack'.
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