I'm really surprised at how many people have all their games on 5 balls. I grew up in the 70s and the games were all 5 balls then, and it was late 80s that they went to 3 (and yes, as others have said I felt cheated) and it went to .50 pretty darn quick after that. I keep most of my games set as they were when the first hit the arcades. EMs on 5 early 80s games on 5 (except Centaur), the rest on 3.
In Chicago pinball mafia league play all games but EMs must be on 3 and I've argued when I host that Eight Ball Deluxe should be on 5, it is way too tough a game (I know I need to play three or four games just to get warmed up on it), plus more important in a league where you play in rounds, you want the games to play close to the same length as possible, and that is not the case if you put early 80s games on 3 ball. We do play with no extra balls on modern Sterns (but one on all other games).
I found the experiment someone talked about on 5 vs 3 with novice players very interesting, and does make sense, more balls means a longer game, and you can accomplish more and get to know the game. Anytime a game is really short you feel cheated, no matter what your skill level. My custom game lets you choose your difficulty level at the start of your first ball, when on 'easy' it makes various things easier to achieve, whether locking balls, lighting kick backs or starting a mode, and also has a really long ball save. I may have to consider also having easy be a 5 ball game (or maybe add new 'super easy' difficulty level) -- could be a little confusing when playing with players at different skills settings since some will have their game end sooner then others, but don't see that as show stopper.