Old Jaws sleeps with me on a water bed every night, So far we haven't had a
problem.  I did acquire a large comforter and wrapped the bed in it to keep
the claws from cutting in when they try to dig at it, or when they are
being given waterbed rides.  Old Jaws is the only one who sleeps with me
but they all love the rides.
 
I haven't caught them chewing on it, (it wouldn't surprise me any) the
cover would help prevent that also.  Of course you have to do a shake down
before going to bed as he is usually curled up in it asleep, its his
favorite spot.  He has a cage but doesn't visit it much.
[Posted in FML issue 3118]