Well, hammer follow-down is not good for the simple reason that the gun will not fire and then you have to recock it manually. On a range, that is a nuisance; in combat it could be a bit more of a problem. In the AR-15/M16, a misfire means opening the bolt, ejecting the chambered round, and feeding another one, since (unlike the M1/M14) there is no way to recock the hammer without operating the bolt.
But as for the rifle firing unlocked, unless there is some defect it can't happen, and hammer follow-down will not result in out-of-battery fire.
The reason is that the firing pin cannot reach beyond the bolt face unless the locking lugs are turned to the locked position, and that can't happen until the bolt is fully closed, at which point the hammer does not have enough momentum to fire the round. So a hammer follow down will result only in a misfire, not in an out-of-battery fire or a "blow up."
(FWIW, some folks, who know nothing about full auto fire, assume that removal or tampering with the disconnector will cause a semi-auto weapon to fire full auto. Without going into detail, this is true for some guns, but the AR-15 is not one of them.)
Jim