From my understanding, the hormone simply prevents the worm from maturing into the beetle stage, so they continue eating and growing. It may not be too horrible, but I still wouldn't feed it to my leos or dragons.
I know bearded dragons (especially small ones) don't do well with large amounts of chitin, and many small bearded babies have a tendency to take bigger bites than they can really handle. I think the bigger threat is a dragon too small choking on the mealworm. The diet of dragons should really be more diversified, and mealworms may be OK once in a while, but they should really be used in conjunction with crickets and fresh veggies/fruit (especially leafy greens).
So what does that mean exactly? Bearded dragons are set up for more of an omnivore, so they don't do well with lots of hard exoskeleton, whereas leos are purely carnivore so they are set up to handle the extra insects. Go ahead and go crazy with the mealworms on the leos (although it won't hurt to diversify once in a while), but avoid mealworms with small dragons and feed more crickets/roaches/veggies than mealworms to larger dragons.
EDIT: Also, if you're interested in bearded dragon diet (maybe for comparison to leos?), see this webpage. It was removed a while back but luckily the internet archive has kept a copy. It is by far the BEST bearded dragon diet information I've come accross. Note how many greens and veggies BDs are capabile of digesting while leos don't really ever eat such items.
http://web.archive.org/web/20050307183201/http://home.comcast.net/~holachapulin/Nutrition.html