Is redling engine really THAT bad?

I know it may be a dumb question, but here's the deal: I have this buddy that has a '99 Lx, with the 1.8. He bought this as his "I don't give a **** what happens, this is just my for fun car" car. Pretty much everyday, he has that poor basterd wide-open on the interstate going 130, hes always flooring it, redlining every gear until he gets to his desired velocity, and hes banging off the rev limiter at almost every stop sign and traffic light… To make a long story short, he abuses that vehicle.
The funny thing is, I'm an Engineer… I design engines and transmissions for a living, and that poor Honda is making me reconsider my basic understanding of physics and the internal stresses of an engine… If what everybody says in true, he should have had to buy a new car almost a year ago…