While it's 4 sims active, only one of them can actually be on a phone call at any given time. Since I don't make a lot of mobile phone calls (<10 minutes/day; and often as little as 3 minutes) and the maximum output is only 6/10's of a watt, I'm not overly concerned. Plus if I use a bluetooth headset, the phone is not near my head (but then of course a bluetooth headset is also a type of weak wireless transceiver).
Excessive battery consumption I think would come more from using the FM radio or TV receiver, or the standby mode of having 4 GSM sim chips in the phone (mostly standby receive with very brief "I'm still here" data packets to the mobile phone network). Newer multi-sim Chinese mobile phones are using single transceiver integrated circuits from Spreadtrum and others so this may actually be fairly thrifty with battery consumption.
For a phone with truly questionable health benefits take a look at this mobile phone/cigarette lighter hybrid:
6208C Dual Sim Quad Band Touch Screen Lighter Mobile - eBay (item 260682246239 end time Oct-30-10 13:51:22 PDT)
Phones/Wireless Devices: Doogee S90, Isatphone Pro, Amazon Kindle 3G, SkyRoam MiFi device, Karma MiFi device, AT&T Liberate MiFi device
Sim Cards: T-Mobile (Mint), AT&T (Mifi device or Kindle), Koko
Satphone: InMarSat
Broadband US Wireless Data: AT&T postpaid, Sprint (Karma Mobility prepaid)
Broadband International Data: SkyRoam
VOIP: Skype