I've seen it mentioned here and there that one isn't supposed to ride it all the way around (that is, on the horizontal sections), but the reason escapes me. If you stay inside the cabin, what exactly can go wrong? (serious question) Getting stuck doesn't seem logical, why would the probability of the paternoster stopping increase when there is a (modest) load on the horizontal sections?
You could probably come up with an overlapping arrangement of guards, of course. And presumably anyone riding one of these things already knows not to put their limbs into trap points - I couldn't say if the danger of trapping at the top is any greater than the danger of trapping at one of the floors.
Rescue might also be difficult if there's a power cut or breakdown.