Obviously the rider's riding style must be considered. If you are a heavy rider and ride out of the saddle a lot, then more care must be taken, as riding out of the saddle puts a lot more stress on the front end of a bike. Also sharp cornering at high speeds would stress the headtube more. But for a casual recreational cyclist who never stresses the bike too hard, I would think would be safer with more spacers under the stem. You could also install a headtube extender rather than run a large number of spacers. I know that specialized sells one on their website, and cannondale equips their 08' synapse models with one, though I don't know if they sell it seperately.