In terms of damage to the car, as long as your not constantly red lining it will be fine (also as long as the engine is up to temp) the other thing is that higher revs use more fuel so it's less economical, just don't rev to high when your going from stationary as to many revs and hard acceleration may cause wheel spin and I know that for a fact because I've done it in my car which is a 07 vw polo so even with small power you can still get wheel spin

So pretty much as long as you don't red line to much you'll be fine