Speaking for myself, I found taking the pill more unpleasant, emotionally and physically, than menstruating. I know I'm not the only woman who got that thing where you couldn't bring yourself to swallow the pill, your body was just saying 'No, this is bad stuff.' Though I know for other people it's a great boon, and they don't experience any harmful effects.
In 2005 the doc gave me a hormone injection to knock out my periods and boy that made me feel terrible. For the first couple of days I felt drunk and dizzy and nauseous. A bit like being super-pregnant. And it only stopped it for about three weeks anyway.
So, my feeling is that if you are taking the hormones for contraceptive purposes, and you aren't getting any ill effects, you might as well turn your periods off as well if you want to, but the hormones do my head in, and I couldn't use the pill for very long. What would worry me is if switching your periods off becomes like shaving your body-hair off, something that all women are just expected to do. I think that would be harmful in the long term, if it became compulsory.