Fang blenny venom (found in Meiacanthus spp.) may or may not be overly dangerous to an individual dependent on a number of different factors, but it is a worthwhile concern for anyone who decides to keep a fang blenny.
Without getting into the nitty-gritty of the toxins, fang blenny venom basically causes a large drop in blood pressure, mild (a relative term) neurotoxic effects such as dizziness, and inflammation - the inflammation forms a red circle around the bite immediately and grows in size up to about 10cm around, with a white, raised circle about 2cm around in the center. The inner circle lasts for about two hours, the outer circle for about four, and the bite area inflammation about twelve, but the tissue around the bite remains hardened for a few days. While the bite should be relatively painless (depending on species, it has been described as either being painless or being like a mild bee sting), the effects are cause for some concern, and - as with all venoms - there is always the risk of an allergic reaction to the venom which could be life threatening. So, while it may or not be particularly dangerous to one individual (dependent on allergies, blood pressure, medical history, etc.), it could be dangerous to another.
With regards to if they are reef safe or not, I’ve heard that all fang blennies (especially Escenius spp.) are a risk with coral, but, with Meiacanthus spp. in particular, there is a good chance they’re just eating the mucus or algae from off the coral, rather than eating the coral itself (so they would be reef safe). So, it may look like they’re eating the coral when they’re actually not.