I'm graduating this year from GW's 7 year BA/MD program and agree with both arguments and think you really have to know yourself and what you expect to get out of college. I was not your typical undergrad student, I commuted over an hour from home, had a job, and did not care to party or go clubbing (even if I had the time), so it really made no difference to be in an accelerated program other than to get out of college a year faster. Sure it was tough work to cram a degree into 3 years (I wanted to get my BS separately rather than a combined degree), but to me it was worth it in the end.
I had some family issues that caused me to take time off during med school and join the next class, so that "extra" time I bought by doing a shorter track in undergrad helped make sure I was still an MD in 8 years. I see no reason prolonging the agonizing process of going from leaving high school to getting in to a residency any longer than absolutely necessary, provided that you know what you are getting into.
And no, I'm not some weirdo with Asperger's or other awkward social issues from not "living it up" because that was just never my "thing." I'm more of a dinner-and-movie with the SO or close girlfriend type of girl. Just knew what I wanted and therefore saw no reason to not take a shortcut.
Although this advice is coming from someone who eloped at age 19 after dating a guy only 7 months....but hey, we're still married!