Interesting thread. I'd say with any engine you should properly open it up at least now and then (only when it's fully warmed up), I figure that's good for it.
In London just driving around my local area with 30mph limits I generally drive like I would if i had a Micra or something, it's just not safe to really open it up, and pretty pointless to cane it only for seconds later to slam on the brakes as you approach a junction. Luckily I've family on the south coast so most months I have a proper run mainly on A roads with a bit of M25 thrown in too. That's where I can properly exploit the car's acceleration though I don't think I've ever hit the limiter. Without that relatively regular long run I'm not sure I'd have a performance car as there's no point having it if I'm just driving in 30mph areas for the vast majority of the time.
On my long runs there's a few roundabout exits onto dual carriageways where I can really open it up in 2nd and 3rd and use all the power, plus a few overtaking spots where again I can exploit the acceleration. There's a reasonable incline/gradient off one roundabout that has good visibility for some distance, and if you have a powerful car you can actually safely overtake slower cars/trucks on it when most drivers probably wouldn't consider overtaking due to the gradient/not having enough power.
It's horses for courses I guess, I'd advocate a mix of driving styles depending on conditions rather than exclusively one or t'other