I disagree with the "accident waiting to happen".
I agree that some boats have decks more conducive to hiking, but I've never felt this was a reason to cut down the coamings.
I've purchased closed-cell foam blocks that are effectively the same height as the coaming. They are very comfortable to sit on and have lasted without cover for a number of years already.
Even so, many a times I just "sit out" on the deck (not fully hiking) and on those occasions, I somehow always seem to be able to find a spot I can sit on even without cushions
. (I usually turn forward a bit).
I think it's a shame to cut down these coamings, personally, the wood they used in the original ones is getting rare; it may soon not be possible to find like for like replacement. (Also, if you cruise and don't just go on short races, you might like the way the coamings keep some water out of the cockpit).
The one thing you absolutely do not want to do is to remove them completely. They are needed to support the side decks structurally. One guy who posted here found a compromise: he simply lowered the coamings.