It is the tree I see most recommended on the forum, I would at this point consider it (and ficus benjamina (the weeping fig)) to be a chameleon staple, from the information I got on it from the people here it is what I intend to get once my baby cham is a little bigger. I believe I read somewhere on here that the schefflera family all have a varying degree of toxicity but none are any more toxic than the others, I will look for the thread if someone else doesn't post it first.
Edit: If you search "schefflera arboricola" in the forum search there are many many threads on this topic