In general, dropping anything except a virus is a bad idea and will eventually cause grief for the admin.
If inbound email relays are configured to simply refuse email from invalid domains, afterwards, it becomes a problem for the intermediate relay... which should not have accepted it anyway, so no big deal.
That said, maintaining a local domain name blacklist to circumvent a lookup is not a workable solution due to the frequency at which bogus domains are sent/changed... even the domain names included in spam are now changing rather frequently and they have to resolve.
For spam control, you want to nibble away at the content via multiple filters rather than trying to get it all at one time.
I've never had a problem with it. Usually all I need to do is provide the text out of the security policy that tells me to drop spam.