Does it not distort the wheel to have the weight of the bike hanging from just that one spot? Is it OK for any kind of wheel? I have nicer race-type wheels on mine.
So long as you don't use cheap 'pound shop' hooks screwed into some plasterboard to hang up a really heavy BMX (with pegs on the axles) then I doubt you will have any health and safety issues. Those 'pound shop' hooks are designed for hoes and other garden tools, not bicycles. You also have to be careful about what you are screwing into - your average hook will work well carrying weight if screwed into the ceiling, put it round 90 degrees into the wall and any weight applied is trying to shear it out. This should be okay with a quality hook but not with the cheapies.
If you are a tenant then it might be an idea to ask the landlord first otherwise he will have another excuse to not return your deposit when you move out.
But you wanted the bike's perspective. Posipiet has that covered - in summary it is highly unlikely that you will damage the rim if using a typical plastic covered hook.
Many bike shops, collectors, or racers hang their bicycles by the wheels.
The wheels are made to withstand the weight of the rider while going through road bumps. The forces of a hanging bicycle are way less than anything the wheels are designed for.
Some very deep aerodynamic rims (say, Campa Bora) might require some special hook with a wider seat.
Some people say to hang the bike only by the rear wheel to avoid stress on the headset or fork. This might be true for some particularly light built bikes. On a "normal" road bike, I wouldnt worry.
Also, on some aero front wheels with large distances between spokes, I would take care to place the hook near to, or between the spokes.
You have to take care not to scratch your rims. Use protective covers on the hooks, and dont hang a sandy-dirty wheel, or you will get sand on the protective cover, scratching the rims.
If you have to keep several bicycles, this is probably the most space-conserving way to store them. Hang them alternately by the front wheel and back wheel side by side.
If you have to hang only one bike, I propose hanging it by the handlebar, using a forked hook, or two hooks.
Park Tools have a cheap hook: http://www.parktool.com/product/storage-hook-machine-thread-450
For me it gets the bike out of the way. I like to hang my bikes, there is no problem with it.