There is always some minor risk with any file being world read, you could always set the user, group to = the user/group of the web server, but that is not going to do any good.
At the present time, there are no bugs, or attacks that will stop apache from processing a PHP or PHPX file.
I know some people mention putting the file in the CGI-BIN directory outside your website, I think there is generally an .htaccess file in said directory that denys all requests for files in the CGI-BIN directory. Thus adds a second layer of protection to the file.
The reason I used "SHOULD" before is because if your ISP ever changes something with the APACHE server to not process the PHP or PHPX extentions, then yes the file can be displayed in plain text (as you have already seen)
You could always create an .htaccess file, which denies access to any file with extension INC, or specificly for your common.inc, or common.php
This is what I have been able to find from my research about 1 month old. I had the same questions you do now....
PHPdev