I would see 3 considerations for making this decision, heat, dust, and grounding.
Cases can improve airflow, but that is not a given fact, poorly designed cases from ultra cheap big box store PC's can actually make it worse. A high end case can net you a difference of ~5C in my experience between running it open and closing it up. In an enclosed area of a cabinet that performance may be lost. As long as you have good airflow through the case, you should be fine. If you are concerned there are programs you can run to report heat levels from a number of components on your system. Generally speaking below 70C is good, 70-80C is pushing it, anything beyond that risks failure.
On the subject of dust, the most immediate risk of dust in my experience is from clogging vents of power supplies and jamming the fans. I can't speak to how quickly dust accumulates in a cabinet, but I would monitor the amount of dust.
Grounding only really applies if you go without a case, one or more of the screw mounting points on the case will often have a silver ring around it that is the ground. Normally that connects to the motherboard mounting panel in the case, which grounds itself to the power supply. If you are mounting it to the cabinet directly, make sure you maintain the ground in some fashion