Watchdogd ensures that the system is rebooted if something bad happens, such as hard lockup. However, the demon is killed on shutdown, which deactivates watchdog timer, while the system can freeze somewhere during shutdown sequence (I've just witnessed that). While it will probably be unsafe to just remove shutdown KEYWORD from /etc/rc.d/watchdogd (because system may require much time to write dumps etc.), it's absolutely needed to leave that option for the administrator.
Fixed by ian@ in r286947. Thanks!