I found out the hard was that there is a chance to create an infinite loop in the get_directory_list function in class-piklist.php
The situation where you have a file named fields.php in a plugin, for example, and at the same time have nested directories in /wp-admin/ with the same name (ie: wp-admin/fields/fields) as the file, the get_directory_list function will recurse until it gobbles up all of the available file handles or memory, which ever comes first.
Its a situation that really never should occur in general, but thought I would just mention it.
These are the typical warnings you will see if this happens:
Warning: opendir(fields) [function.opendir]: failed to open dir: Too many open files in /var/www/wp-content/plugins/piklist/includes/class-piklist.php on line 237
Warning: readdir(): supplied argument is not a valid Directory resource in /var/www/wp-content/plugins/piklist/includes/class-piklist.php on line 239
Warning: closedir(): supplied argument is not a valid Directory resource in /var/www/wp-content/plugins/piklist/includes/class-piklist.php on line 266