If you enable this, an untrusted PHP code author could fork-bomb your server, which is harder to protect against than you might think.
An untrusted PHP code author could kill or suspend the webserver, or any processes that run as the same user as the webserver. (If the webserver runs untrusted PHP code as root, then it can stop or suspend all processes on the server.) Or, if you're using FastCGI or similar tools, it could kill or suspend any other tasks run as the same user.
An untrusted PHP code author could call the wait(2)
family of functions, which will desperately confuse the server or FastCGI interface. It might hang it, it might cause it to crash, depends on the server.
Of course, the PHP process controls flag is really just advisory -- bugs in the PHP interpreter will allow a malicious code author all these things and more. This setting is simply there to keep honest programmers honest.
Any code you run in mod_php
(or similar technologies for other servers) will have complete access to everything the web server can do.
Any code you run in FastCGI (or similar technologies) will have complete access to everything that the FastCGI system can do, based on the operating system's access controls.
If you really want to confine what untrusted PHP code can do, I suggest looking into different mandatory access control mechanisms, such as AppArmor, TOMOYO, SELinux, or SMACK.