The nitrate at 50 ppm being dangerous is kind of a myth. There is good research in the literature that shows that concentrations up to 1000 ppm show little or no effect for at least some species. I have no doubt that it is species dependent.
The real worry about long-neglected tanks is that the end product of the cycling process, nitrate, is an acid. And the acid will slowly consume your buffer and then your pH will drop as time goes on. Now, the fish can and usually will adjust to the pH as it falls, but it can get low enough to cause problems.
As mentioned above, the real issue will present itself if the long-neglected tank does suddenly get a large water change. The change in the water's hardness (which would usually be no hardness since it was consumed by the acids from the nitrate) can cause what is usually attributed to "pH shock".
There are also necessary micronutrients that are replenished with water changes, as well as removing the levels of micro pollutants. Things that build up over time (like cigarette smoke, carpet fumes, cleaning supply fumes, cooking oil, etc.) -- basically anything that gets in the air gets in the tank to at least some level. Low levels for short times are mostly harmless, but I don't think that leaving most of that in the tank for a long time is a good idea.
Ultimately, I feel that fish can survive in tanks that are neglected, but very rarely do fish actually thrive. And my personal goal (and I suspect most of the forums members' goal as well) is to have the fish thrive to the fullest extent possible.