Is there really a problem running a application under full trust as long as it is possible to control the configuration of the machine?
Define "ok"
Full Trust means that the application can pretty much do anything it wants, however it's limited by the application pool it runs under, for example, if you run it as Network Service it's not going to be able to access C:\windows, but it could use impersonation to login as the administrator account (if you also had the password) and then run wild.
Full trust gives the application a lot of power:
From http://msdn.microsoft.com/en-us/library/tkscy493.aspx
Specifies unrestricted permissions. Grants the ASP.NET application permissions to access any resource that is subject to operating system security. All privileged operations are supported. This setting is named Unrestricted in the AspNetHostingPermissionLevel enumeration.
So I would say avoid it if at all possible, especially if using code from other sources.
I view it as the equivalent to running Windows apps as Admin.
Be sure to read the comment from blowdart with regards to how ACL's affect permissions
I guess what I meant is that while it is not the same as running as Admin, it's a case of "more permissions than required" - I always keep in mind as a rule of thumb you should only ever give the minimum required for the application to function.