Any X-ray procedure does have a risk associated with the radiation dose. A typical virtual colonsocopy has a dose of 5 to 10 mSv. By comparison, the yearly dose from the natural background radiation is about 3 mSv. (The sievert is a unit of dose equal to a Joule per kilogram, adjusted for its biological effectiveness. A mSv is one thousandth of a sievert.) See my December 7, 2007 entry in this blog, or Chapter 16 of the 4th edition of Intermediate Physics for Medicine and Biology, for more information about radiation safety and CT scans. Of course, any risk of radiation must be weighed against risks involved with traditional colonoscopy procedures.
Now for the bad news: You still need to “clean out your bowels” before the procedure, regardless of which method you use: traditional or virtual.