The danger with the Boeing procedure (setting the highest SID alt in the MCP) is if you are high perfomance due whatever reason, you might have to revert to VS mode to reduce your climb rate to below 1500ft/min, which might lead to a level bust.
Not in the 744. VNAV will capture an altitude well below the altitude if the rate of climb warrants it. In general I see capture in a climb approximately equal to the rate of climb -- often 2500-3000' from the MCP set altitude.
AFAIK, there is no reason to limit climb rate to 1500 ft/min on initial departure, unless your company procedures tell you to do it for some reason.