If one particular privkey leaks and its corresponding chaincode also leaks, then the entire subtree that's rooted at that particular privkey also leaks, meaning that all the privkeys in that subtree of the HD wallet leak. And even worse, if that particular privkey was derived via type-2, and the parent chaincode leaks, then its parent privkey also leaks.
This means that if the HD wallet uses only type-2 derivations (this won't be the case in the default HD wallet layout), and the chaincodes aren't kept secret, then leakage of a single privkey implies that the entire HD wallet leaks.
As usual, the biggest problem in PKI is key management.
I do remember when the debate got around to which information you needed to give to a webserver so that it could generate public keys to hand out as addresses, and the consequences of the loss of such information. I wasn't really paying attention by that point.
Right. The moral is that you should keep your chaincodes private, and if you give (say) a webserver the ability to generate pubkeys for you then you may prefer to derive that keypair from its parent via type-1 instead of type-2, to minimize the damage in case of leakage.