hmm, agree to both hallves of this dilemma!!, my 20v has top half missing (as top half got fooked when timing belt/tensioner collapsed) but bottom is still covered, on my old 16v i removed the lot, as it was fooked with age and catching on the new belt and one of the pulleys, yeah there was a risk of 'objects' flying up and getting in there, but it did look nice, mind you i spose you could run the risk of a 'no win no fee' numpty if your showing your engine and the tw@t points and puts his fingers in your pullies!!! lol..
i worried more about going through big deep puddles at speed in the 16v rather than objects just incase the belt got wet and jumped a tooth..... actually the more you think and run the reasons 'why' the more you know it makes sense!!!
Gaz