It's fine with a few caveats:
Keep it maintained; keep the oil fresh, chain at the right spec, valves adjusted correctly, etc.
Don't go near redline or use heavy throttle until the bike has had adequate time to warm up! This varies from bike to bike, but you want the OIL to be warmed up -- not just the coolant (if applicable) Ride easy right after you get going and slowly ramp up the agressiveness.
Boucning off the rev limiter itself repeatedly puts huge stresses on all the engine components because either fuel or ignition is being cut to keep the engine from overrevving.
You couldn't hear a dump truck driving through a nitro glycerin plant!
Cobbie Award Winner