It depends on many things, but here are some thoughts e.g.:
- If you're using EF on service layer - then the concurrency might be an issue as I don't think that using EF context is thread safe, ie that you can use it from all threads at the same time without problems
- If you have your entities tracked by the context (and I think even if you don't), the context would in time get quite large, eventually it could contain all of your database entities and then you'll run into performance problems
Either way, I think it's a bad idea.