I 'spose the big headsail/reef vs small headsail/full main discussion has gone on for quite a while. Personally, I'm in the smaller headsail/full main camp, especially when there are waves to drive around. We're set up to pretty easily flatten the main with backstay and flattening reef (if necessary).
I've been in races where they are both used, and someone else is sailing with a #2... and we arrive at the windward mark (almost) at the same time.
