The PSK could be used to decrypt traffic if someone can capture packets between the endpoints. A weak key, in theory, could be brute forced. There is a lot of info around about this on the web by people much more familiar with the crypto than I.
The PSK could also be used by someone in the right position to MITM or intrude over the VPN, but depending on your settings they would likely have to be able to intercept and spoof addresses in between for that to happen. If you have loose/weak P1 settings (e.g. your remote is "any"/0.0.0.0.0 for example) then the danger is increased. As above, weak keys could be brute forced.
Using certificates is much more secure, as is using strict P1 settings to ensure only specific remotes can connect.