I've heard quite a few arguements on both sides, and the general rule of thumb seems to be whichever is more important to you, motor or chassis.
The drag guys run without it. It saves that much weight, and they claim it lets the motor rev free, and fewer blown head gaskets due to that much less stress on the head and head bolts. The drag guys generally aren't worried about chassis issues, they're much more concerned about their motors.
The MX guys talk about breaking more motor mounts and more frame cracking without the head stay. The head stay doesn't eliminate all frame cracking and issues, but they claim it's certainly worse without it. The MX guys aren't pushing max horsepower, they're generally more concerned with their chassis than their motor.
I think that's what it boils down to. Which are you more concerned about? Chassis or motor?