Apparently in a study done by the Deafness Research UK in conjunction with Dr. Brad Backus of University College London, 14 out of 15 toys tested produced noise levels above the recommended safety limit when held close to the ear. 8 of the 15 were just fine during normal use, but the three worst offenders -- a machine gun, a tommy gun and a cap gun -- are on the "avoid" list.
ENGADGET: Christmas toy noises are/aren't dangerous