I assume that rule does discourage some spammers but I've never modded without it in place so I don't know how much of an effect it has. Some spammers aren't bothered by it though.
If we take away the rule, the number of spammers will probably increase. If we increase the post limit, then more stealth spamming will occur and it will be harder to weed out the spammers until they've hit 50 posts (or whatever) and are spamming links.
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