Sure, enabling any new connectivity functionality can introduce new security concerns. It allows a remote user to bypass physical barriers (like a server locked in a room) and get local machine access, which of course any of these RDC apps (TS, VNC, etc.) and a whole slew of other functionalities (telnet/SSH, etc.) will also.
The nice part about enabling Terminal Services on the server is that you can stipulate exactly who can connect to the server via this method by modifying the permitted accounts listed on the Permissions tab. That, of course, if why I included it in my first message. By default, only members of the local Administrators group and System have access, so if he has Everyone as a member of Administrators, he's going to have issues.
Of course, making the connection to the Terminal Server machine only gets you to the logon screen. If the user still has Administrator enabled with a blank password, then, yes, that's going to enable easy access to the system. Of course, had he used VNC or TightVNC (or whatever) to make the connection between server and workstation, the same would be true there too. I know VNC has an option to require a password to complete the connection, but a user can opt to leave that as a null value if they choose too.
As an example, say you had a user in a domain trying to do a RDC to a server running Terminal Services. First, his account would have to be in a group that's permitted to connect remotely to the server. If it was, he then would only get to the logon screen, so he'd be SOL if he didn't have an account that could log on interactively to the machine. For instance, unless he was a Domain Admin, he wouldn't be able to log into a domain controller at all.
Using VNC, on the other hand, to my mind poses more of a security issue because, once you make the connection, you are actually remoted in to the existing session on the machine. For instance, if you're Mark and you want to remote to Sally's computer while she's using that PC, Mark, once he makes the connection, will actually be viewing Sally's desktop whiles she's using it. Terminal Services does not do that.