I don't know what other people think, but the primary reason I think it
is bad is because it reduces playability. Would the game be as good a
game if everyone had 10 times as many NP? I don't think so, because
what would happen is that it would be so much work to do a good job of
writing one's orders, that most people would not be able to do it, and
the whole game would suffer.
I think the same thing is true, to a lesser degree, of NP inflation as
the game runs on. I think the current number of NPs is about right for
balancing playability against giving players enough to do. (I'd like to
see control artifacts reduced somehow, but that's another story.) As
the game goes on and if it ever gets to the point that people have twice
as many nobles as they have now, that will be a bad thing.
Personally, I don't think the game will last that long.