Phosphoric acid, which is in Coke, is the active ingredient in rust and blue removers, and in grout cleaner. Any of the acids present in soft drinks will cause acid erosion of teeth. any of the will damage bluing and any of them will cause rust.
Don't put too much faith in Snopes. It's not the be all end all of truth. They've been wrong about plenty of things. The owners are also flaming socialist liberals.
Mythbusters put a piece of steak in Coke either overnight or for 24 hours. It was unrecognizable when they removed it. It looked like it had been rotting for a good while. Must be why it's so great as a marinade. It'll tenderize the toughest cut of meat.