Yes friends, peroxide does indeed burn the skin.
Being the silly person I am, I decided to bathe the keycaps from my recently acquired Northgate OmniKey 101 in a tub containing 40 vol peroxide with a dash of OxyClean. You know, basically the liquid form of Retr0Bright (or however you choose to spell it). Well, that's not the silly part. What was silly was that I didn't put gloves on for protection. Then I decided to try to push a keycap down (Scroll Lock, if you must know) that had come unstuck from the Fun-Tak I was using to hold it down. Ouch!
Luckily I only took a minor burn to the right thumb, almost like touching a hot soldering iron. Still, lesson learned. Beware of peroxide!
At least the keycap is stuck back down and the process has begun.