I would have to disagree here somewhat. Most pressure treated wood is treated with chromated copper arsenate. This is a combination of chromate, copper and arsenic. When this wood is used in contact with the ground, a relatively small percentage of these chemicals may leach into the soil. But because of their chemical composition, they bond very tightly to the soil particles. This means that they do not move easily throughout the soil profile and are not easily taken up through plant roots. Personally, I wouldn't use it for a vegetable garden because of the proximity of the wood to something that will be eaten, but that is about the only place I wouldn't use it, even thought the amount of chemicals present would probably be far from what is considered toxic levels. I would probably make the bed out of regular pine 2x10's or whatever you need, and just put some preservative on them. They won't last forever but it will take a really long time before they decay to the point of not being any good.
As far as using it for decks, playsets,etc., I personally wouldn't worry about it. What I do after installing it is to let it age until it is good and dry, and then stain it and seal it with an outdoor preservative. I think the biggest hazard with pressure treated wood is when cutting it and producing sawdust. This is when you want to wear a dust mask and be sure to wash your hands when you're done working with it.