Well, it certainly performs as advertised, reducing spindle flex. But the original spindles don't seem to have a problem with flexing as much as they do with street tires, so I wouldn't say it's a matter of "going over a guardrail". And the spacers are also significantly more hassle, since you have to change shims to adjust the bearing clearance. I've also heard of people having trouble with the spacers getting torn up (especially the thinner ones).
I've run relatively wide, sticky tires (but still street tires) for many years now and the stock spindles seem to be holding up just fine. It is important though (IMO) to not use the clearance given in the factory workshop manual. You want the bearing clearance down around .003 to .005", just 1/2 flat of nut rotation. If the clearance doesn't come out right where you can insert a cotter pin, the TR4 workshop manual actually suggests filing the back of the nut! If you are replacing the felt seals, you should also check the bearing clearance before installing the felt. Mark the nut position, install the felt, then put the nut back to the marked position. Otherwise the new felt will give you a false reading on clearance.