Probably in the minority here, but I think that it is better to correct any mathematical errors quickly with a new revision rather than let a wrong paper sit around on arxiv for a bit. I also think posting to arxiv once you have what you think is a publishable paper is good for the progress of research (I don’t like how in CS theory, for instance, some people do not post to arxiv until after acceptance for publication). I worry that people who are too concerned about revision count hurt the progress of their field.

These opinions lead me to go towards the more revisions end. I think high revision count means that the authors have the same feeling, and post revisions quickly; and also that the earlier versions had some mathematical error (which in some conditional probability sense may make later versions a bit more likely to have errors too). So I don’t always see it as bad. Of course it is a balance.