I've used a presure washer on hundreds of cars (literally) for rocker panels, engine bays, doorjambs, wheel/tires and wheelwells. The only trouble I've ever had was on an older (mid '80's) Jaguar. It had an exposed ignition coil and the owner said it even gave problems during rain storms sometimes. But once it dried out during the rest of the cleanup, it was fine too. At worst I've had to remove the distributor cap and dry it out once or twice. Pressure washers don't use that much water as previously stated - mine was hot water on top of that.
You do have to be careful, I watched a new guy at my shop strip the paint off his molding one time like it was butter. He didn't want to take the time to clean hthe cracks around his molding so he thought he'd just spray the dirt out - well he did!
With a little discrection, they can be very valuable tools. I mean, obviously you don't spray directly on anything electric or any connection for any appreciable amount of time, but most of the grimy stuff doesn't need that much force/time to come off anyway.
For reference, I have a 1994 Corvette and have cleaned the engine several times with no trouble - and for those in the know, you just don't spray an engine with an Opti-spark distruibutor...at least that's what they tell me.