There is absulotely nothing wrong with low level flying providing the pilot is flying within the law (500ft rule), within his capabilities and within the capabilities of his aircraft.
I regularly fly at low level (sub 500ft) both to make flying more interesting and to practise forced landings. I was taught PFLs that finished 10 feet off the deck. I practise them down to 50 feet but I see no reason to go lower as I'm close enough to the surface to know whether I made a choice of field that would result in me finishing up with a serviceable aircraft had I landed. I am religous about observing rule 5 and I always check an area thoroughly before descending below 500ft in order to not be surprised by structures, livestock, pylons, etc. I have a couple of areas I prefer and they are a long way from any habitation.
How many of you safety concious non-low flying people out there practise your PFLs regularly and to a degree of realism that lets you know if you would have been successful?