Well, part of the procedure could be considered to be unsafe: when a user has access to your email account AND knows what websites you might have registered accounts at (like FaceBook, Twitter, Google and the lot). That is probably the most simple and most obvious security issue that might arise here.
We could also take a look at the questions "can the email be intercepted in any way" and "is that recovery-link using a strong, random key or could someone guess it"... but I guess that's overkill. For the regular scenario of password recovery you described, I would say that the only real "security problem" is the one I described above: someone has access to your email and knows what sites to check out and recover your passwords.
As for the damage that might be caused... that depends on what websites the "intruder" is able to recover passwords for. You'll probably won't mind losing your Twitter account in a worst case scenario, but this shows why online-banking accounts do not offer that kind of "password recovery" in the first place. There "could" be a chance someone's watching over your shoulder.
Wrapping it up by giving you a solid hint to work with: if your MyApp.com is something that could financially ruin people when put in the wrong hands, don't use this kind of password recovery... but if you're creating the next Facebook or Twitter, you're good to go with such a recovery procedure.
Hope that helps. ;)