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I'd pretty much echo what everyone else has already said... I do them randomly all the time and neither of my Mustangs have ever given me any trouble... Old one had about 145k miles, new has about 50k. Just don't do them ALL the time and don't do them at the wrong time or place... Be sure no cops are around. I never did a huge one though, I wanted to right before replacing my tires but couldn't come up with anywhere I felt good enough about not getting cops called.
I lit up a 3rd gear limiter bouncin roast through an intersection once. Ended up with a reckless. *facepalm*
I almost got a reckless last night... Didn't wanna leave my Mustang sitting for too long so I did a little lap around the tiny town I live in. I've gotten used to driving a 4 cylinder automatic for the past six months so when I went to get on it a little I accidentally got on it a lot. I didn't realize I even broke traction though, but the cop that pulled me over said I did. He said he had a Mustang too though, we talked Mustangs for a while and he just gave me a ticket for expired tags and no insurance and said if I get new tags and insurance on it before the court date then he's pretty sure that the judge will dismiss them both.