While warnings are often appropriate and necessary--the dangers of drug interactions, for example--and many are required by state or federal regulations, it isn't clear that they actually protect the manufacturers and sellers from liability if a customer is injured.
At the same time, the American Law Institute--a group of judges, lawyers, and academics whose recommendations carry substantial weight--issued new guidelines for tort law stating that companies need not warn customers of obvious dangers or bombard them with a lengthy list of possible ones.