Got me wondering, so I did some snooping...
From the EPA:
Boric acid/ Borax is considered moderately acutely toxic due to eye and skin irritation. In chronic oncogenicity studies using mice, rats and beagle dogs, boric acid and borax were found not to be carcinogenic; however, testicular effects and decreases in body weight resulted at extreme dose levels. EPA has classified boric acid as a “Group E” carcinogen, indicating that it shows “evidence of noncarcinogenicity” for humans. In reproductive and developmental toxicity studies using rats, mice and rabbits, maternal liver and kidney effects and decreased weight gain as well as decreased fetal body weights were observed. In two studies, at the highest dose levels, no litters were produced. Prenatal mortality occurred at the highest dose levels in the rabbit study. Boric acid does not cause mutagenicity.
Good news- Borax at toxic levels seems fairly hard to come by (if you trust the EPA...)
Bad news- that part about "testicular effects"... 8O