As a coach on the receiving end of high + defenses from time to time, I've really grown skeptical as to whether they have much appreciable impact. At +3 or higher, my team over the last three seasons has, on average, taken fewer 3-pt. shots in games against them, but this difference is only about 10 percent from the norm (so instead of 24-25 attempts behind the arc, I take 22 or so against a +3/4/5). Percentage-wise, it drops from 39 percent against all D's to 36.8 percent vs. +3/4/5.
So, yes, there is some tangible effect. To me, though, the rebounding advantage I get from an opponent running at +3/4/5 more than offsets these minor dips. Two put-backs/tips/buckets of an extra possession pretty much covers the lost offensive production on the perimeter.
I guess if you have a decisive rebounding edge, you can safely extend to a higher + without risking as much. From my vantage though, the difference in a +3/4/5 isn't as radical or beneficial as what one sees running a -3/4/5 to slow down an inside game.