Well, Honda put it there for a reason... (even bikes with tank over engine and manual fuel petcock feature an additional vacuum operated valve...)
With a full tank + heat from engine/sunlight, expanding vapor could force fuel through; add a leaking float needle or fuel line to the scenario and you've a flooded cylinder/pool of combustible liquid under the bike...
I for one wouldn't like to have pure gasoline seeping into a cylinder and through the rings, diluting the engine oil, etc...
Testing the auto valve annually and replacing the diaphragm if required isn't that hard... the added safety outweighs the efforts by far...