For the Road Warriors: Why are Burnouts in Drive a Bad Idea?

So I have educated myself on the sprag/overrunning clutch issue with 904s and 727s and I understand that you can do a burnout with the selector in drive/manual first as long as the car upshifts and you ease out the burnout. (Of course, plenty of people just leave it in manual second.) There's a plethora of info about this on FABO.

That is not my question.

I'm not asking about transmission explosions here. I'm just wondering about general wear and tear. Is it ok to do a burnout in drive as opposed to the manual gears? Since it's an automatic rather than a manual, once the wheels lose traction, it doesn't seem like a burnout should harm the trans. (Of course, high revs will wear things down faster...) So why does everyone think people are idiots for attempting a burnout?