Could anyone just summarize the power steering noise issue?

[merriam1998]

quite a few of people complain about the Steering Column (or Shaft) Noise, and some of them seem already have it for two years. I am wondering how much dangerous this Steering Column (or Shaft) Noise problem could be?

Would Steering Column (or Shaft) Noise jeopardize the driver? I mean is there any potential threat to the driver's life? like loss of the control of the car,.........

Otherwise, I would let it be, since My 05 avalon is out of warranty and the noise is not that much. So far, the steering operation is still smooth, except the clunk noise when making a turn in local.

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[inov8]

The technical servive bulletin issued by Toyota to dealers describes the issue rather well:

INTRODUCTION
Some 2005 -- 2006 model year Avalon vehicle customers may complain of a ticking noise
from the steering wheel while driving slowly and turning left or right. The steering column
assembly manufacturing process has been improved.
Follow the repair procedure provided in this TSB to replace the steering column assembly
and correct the noise.

REPAIR PROCEDURE
1. Confirm the customer complaint by driving the vehicle slowly and turning the steering
wheel left or right.
2. If a tick noise can be heard or felt from the steering wheel when turning left or right,
replace the steering column assembly.
3. To replace the steering column assembly, refer to the Technical Information System
(TIS), 2005 or 2006 model year Avalon Repair Manual: Steering Column: Steering
Column Assembly.

I believe this problem is of the "annoyance" variety and does not present any safety concerns.
I had mine fixed as per the TSB just before the warranty expired.