Hmmm , there are several ways of looking at it.
Im of the belief that playing against the best makes you better ,
in the long run a developing English batsman will gain more from facing someone like Michael Kasprowics in the early stages of his carear than some county trundler like Neil Gunter.
Likewise the young bowler will learn more from bowling to Hussey or Hooper than he would charging in at the likes of Michael Gough.
Then there is the revenue factor , having draw card overseas players like Carl Hooper , Murali , Shoaib , etc will surely encourage more of a crowd following than the average county mugs would , thus more profits & raising the profile of the game.
Surely the youngsters will also learn alot from the experienced overseas players in the dressing room environment , they have tons of information to pass on , the sort of invaluable pointers & tips no amount of money spent on Academies & Indoor Training facilities can buy.
It also helps raise the general standard of play , helps narrow the gap between county & test cricket.
But on the other hand one must realise that every overseas player who comes in means a young Englishman will spend a year playing 2nd XI's , the clearest example being Rikki Clarke / Azhar Mahmood.
I really think that all things considered 2 overseas players per county should be fine , but that means 2 players who arent eligable to play for England.
I believe that EU regulations prevent the ECB from doing it so perhaps the counties could get together & form a bit of a gentlemans agreement , players like Spearman & Jaques who cheat the system will be the downfall of English cricket unless they take action.