A handy technique for evaluating situations is this: how many mistakes am I away from death/injury? If I drive without a seatbelt, I've put myself 1 accident away in many cases. My Scouts are young, and love to climb things. I tell them, I know you're strong and skilled. But a loose rock or slippery foothold puts you at risk anyway. So wear the harness - now it takes two mistakes to kill you (e.g. loose rock + badly…
Realistically, there are still several single points of failure in the system:
1) The space between the belayer's ears 2) the rope if it has become damaged since it was flaked and inspected or gets cut while catching a fall. Yes, that happened, though not to me [1]. 3) The protection on the wall, due to improper use. although depending on how high you are, the next piece down might still keep you off the deck. 4) The harness itself, although barring invisible damage this should be caught by the belayer/climber him/herself and the cross check. 5) The protection on the wall due to gear failure.
The above are listed in what I would consider descending probability, although 2 and 3 are pretty close, with 3 probably jumping 2 in trad climbing. I would rate the probability of 5 being negligible barring manufacturing defects, the prevention and possibly detection of which is probably outside the expertise of virtually all climbers.
Moral of the story: safety is complicated. (edited to add) I'd believe that trying to get people to apply a simple model of "how many mistakes" is better than none, but I wonder to what extent it reduces safety by making people complacent about having done a risk analysis when the system is too complicated to be analyzed that way.
[1] http://www.redriverclimbing.com/viewtopic.php?f=21&t=132...