Hot peppers, and peppers in general are rich in Flavanoids.
Very good for you.
They are fruits after all. Fruits are good for you. (Its a fruit because they contain seeds within)
However, I can't eat Cayanne peppers because my stomach just can't take them and I end up Hiccuping for a 1/2 hour.
Liability waivers, such as those included in Spicy Hot Wing Eating Contests, is to protect the seller of said consumables in case someone has a bad reaction.