In my opinion, of course. Here's an example of why; this is a lighthouse I made last year.
It's a respectable height and size, and before 1.2 or its snapshots it scraped the top of the world map. Ever since the news struck that the height would be increased, I've been planning on making a tower, or perhaps just Lighthouse 2.0. This is the kind of dissonance that we're seeing...
Eh, not all of us will be so happy when multiplayer servers become laggy in cities where all the new height chunks will be in use. All in all though, I fully support the extra height.
Since Jeb replaced Airblocks with nothing, i think the load on the server should be about the same, if not less, since only a fraction of the area will be in usage, compared to every empty block being analyzed with the old system. However, that only conjecture not facts.
For people who watch Guude Boulderfist's Mindcrack episodes, then you would know about his elemental towers. Now imagine those towers but with the new map height increase. I can't wait to see what Guude does with his last tower.