We had to submit detailed plans to the CAA including calculations of minimum heights and bank angles. We then had to fly the agreed procedure in the simulator before obtaining CAA aproval. All this for an event that lasted only a few seconds.
If it is flown with only the (consenting) crew on board and the event has been well planned then I can't see the harm in it.
Dave, agree with you and that's what we are training for in the sim.