I've heard the same thing about dented cans. When the structural integrity of the can is not present, things can get in. I know when the can is bulging, that's a sign of bacteria, but I worry about tiny tears in the can which are not immediately noticeable.
There are so many good sources for food, that gambling on whether a can is alright, is something I don't want to do. Dollar stores can be a source of cheap canned meat, and they are generally in perfect shape. Sure, you might be eating snails and sardines, not spam and canned ham, but I can find cheap food all over.
CK