Deadlifts have more potential for injury than many other lifts because of the loads that you can handle once you are sufficiently well trained. Steve Jones' injury came when he was pushing pretty hard and the loads were high (around 800lbs). I think at that level you have to be prepared for things to start going 'pop'.
For the rest of us that are not stressing our bodies to that level, there are several things we can do to reduce the possibility of injury:
Get your form right and don't push to the point of total fatigue as this is where form drops off. If you feel your lower back start to give up the ghost don't go for that extra rep.
For proper deadlift form, always put the bar down and reset between reps rather than doing 'touch and go' reps. 'Touch and go' is not evil but you are more likely to sustain an injury once the loads are high because you are effectively bouncing out of the bottom position and you can more easily allow fatigue to spoil your form, often placing additional stress on your lower back.
Even if you do everything correctly, injury is always a possibility once you are at your 5RM or higher. However, because so many muscle groups are working together to effect the lift through their strong range of motion, it is a pretty rare occurrence.
Up to this point, I haven't suffered a single injury from deadlifting, even though I have pushed to find my 1RM on several occasions now.