It's basically only a glorified fan belt. Not as if it is a timing belt we are talking about. Provided it is checked at service intervals, and changed as soon as it starts to show signs of deterioration, there should be no problems. In the worst case scenario, just as likely to happen with an OEM belt, and it snaps, you will just be stuck at the side of the road. Unless you try and drive on without the water pump running, there will be no damage to the engine.
Unfortunately, with a toothed belt, you cannot use the other-half's tights. Not like you could for a broken Vee belt.