What the racers are concerned about is that all that all that nasty by product/water and some oil mist lowers the octane of the fuel - as it's being recirculated back through the carb.
The school of thought is that not having any kind of PCV setup (just a catch can with breather) will leave all those nasty contaminants floating around the engine, and most likely doing some damage - long term.
Also remember that the PCV itself is a service item, so should be checked every service (sorry if people know this already).
I have done a lot of online research about catch cans, pcv, oil separators and various other methods, and I'll be going for the standard pcv, on the principal of k.i.s.s (keep it simple stupid)