If you have the tools to do it, null deployment (or near-null deployment) is a powerful tool against armies with lots of alpha strike potential. However, if you're not coming in from Reserves on turn one, you need to have a couple of rock hard units that can survive said alpha strike.
I'd also say that if you want to go reserve-heavy you need some form of reserve manipulation. A single bad round of reserve rolls could cost you the game. Or your reserves could end up getting strung out over 3 turns, letting your opponent deal with your army piecemeal. Having a degree of control over when units come in is essential with reserve heavy deployment.
As others have already stated, however, there's no hard and fast rules for how much is too much. For some match-ups, it might be a great idea to keep lots of your force in reserves. For others, any reserves at all might be a terrible idea.
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