If an attacker can get at the hashed password, he could potentially reverse it by using a rainbow table. A rainbow table is basically a huge database of all possible passwords up to a certain size, indexed by their hash. I think of it as the ultimate speed-space trade-off. For passwords of up to 7 characters, containing only lower case letters and numbers, the rainbow table can fit in a few gigabytes. For longer passwords (or ones with less character restrictions) the required size does rise exponentially.
To defeat this attack, you need to salt the hashes. Salting means that you add a random salt value to the password before hashing it. This salt can be stored unencrypted next to the hash. Since each password is hashsed with another random salt, the rainbow lookup table becomes useless. Rainbow tables cannot consider all possible salt values because the required database size rises exponentially with the salt size.
Even then, weak passwords matching the salt+hash could still be found with brute force. This can be fixed by using some quality-control heuristics on the password (minimal length, mixes certain character types like lowercase/uppercase/digits/other, not just a 1 at the end...).
All in all, I'd say the security risks of exposing the hash are big enough that you're better of avoiding it.