When I arrived at a load for my 6.5x47L I soft seated the bullets, and slowly added powder until it shot well. In this rifle .001" neck tension works well. The benefit as I see it to this method is that throat erosion doesn't have the same effect as loading to a specified distance off the lands... as the throat erodes, you don't have to change seating depth to chase the lands.
Drawback is sometimes when the bore is fouled, one cannot remove a loaded round without spilling powder everywhere, as the lands pull the bullet out of the case.
As another contributor stated, if you are shooting a magazine fed rifle, your limitation will be your magazine length. There are some bullets which are more tolerant of seating depth than others, typically the secant ogive types as opposed to the tangent variety. This means you can find an accurate load and still seat to magazine length.
Applied Ballistics website has some good reading on bullet seating depth using Berger bullets. Brian Litz posts over at Accurate Shooter on this subject sometimes. You might be surprised how well some bullets shoot seated waaaaay off the lands, according to Mr. Litz.