It should be fine. IOS is stored in flash but loaded into system memory at boot time where it resides as long as power is on. It's no different from PCMCIA flash on 7200's, etc. Obviously a reboot will get you into troublewith the flash out.
CCIE #21901 (R&S), CCDP
What would happen if you removed a compact flash from a 6500 while it's running? Does the IOS actually run in memory, or would the switch dieInternetwork Expert - The Industry Leader in CCIE Preparation http://www.internetworkexpert.com Subscription information may be found at: http://www.ieoc.com/forums/ForumSubscriptions.aspx