You don't connect new microcrontrolers (from unkown procedence) into a main I/O bus every time you get data from somebody in optical disks. You always use the same set.
No, but they do have "I'm really a hub with a keyboard and a mouse (and a mass storage device) behind it". Or, if you go for simple but (too often) effective, "please autorun evil.exe". (Also, how well-secured do you think your USB stack is? It's been exposed to tons of shitty devices, of course, but proper attacks?)
Unless someone invests time into creating a safe, open-source USB passthrough device. I imagine it wouldn't be that hard to do for specific USB classes. It could even spot a "charge-mode" switch which cuts data lines as an option.
IIRC either the original Xbox or the Xbox 360 was sometimes modded/jailbroken by using a modified firmware for the internal DVD drive. Not exactly the same thing, but in the same vein.
I could definitely see it being easy to write bugs where verification code assumes that nominally read-only devices always return the same data for two subsequent reads of the same location, and then getting up to mischief by taking advantage of that assumption.
At least it's not the case that each inserted storage device (i.e. "disk" or "card", as opposed to "drive") necessarily includes arbitrary execution (Microsoft's "AutoRun/AutoPlay" and the like -- now more constrained if not disabled -- aside).
