It's amazing how often this topic comes up.
Apple's website clearly states the iPad charger can be used with all devices.
The phone circuitry controls how much power it draws while charging and prevents any damage.
Apple should really stop building the 5W charger as the parts are no longer a cost issue - though they were in the first versions of the 10W charger. If you open up the two devices today you will find the same chip controls each.
Since all of these devices can be physically plugged into any USB port or charging device from computers to car chargers and camera or headphone chargers, Apple made the decision early on to make the iDevice charging circuitry smart enough to limit the amount of power it draws to protect itself.
If the device can use the higher power to charge itself faster it does.
No harm. No over charging.