On our schooner with main:fore areas 460:360, reefing the main 1 panel relieves weather helm when it gets to force 5 or so, and lets us keep the foresail full, on the wind or reaching off. In stronger, we reef them together and stay fairly balanced. So 2 main & 3 fore panels is for gusty or galey.
(Our first reef is smaller than our second, second smaller than third...)
(Reefing the main is less often necessary since I moved the rudder aft.)
Running is pretty much the only time our sails differ by more than a panel, with the main smaller, but I always like to have some main up - enough to head up and stop, tack, pick up Bob...
(We still haven't tried running with the main pushing and the fore sheeted in.)
Cheers,
Kurt