Having more than 2 angers your vassals, also if you have more than 1 son(or child, for cognatic succession) they will split between your children while running gavelkind succession. You also get less taxes and levies since each vassal keeps some of them for themselves. However you also get less direct vassals to deal with, so you can possibly get +100 relations with each one, in the end getting back the levies and taxes.
If you have elective law, and hold less than %50 duke titles, someone you don't like can be elected. However, on the other hand 2 county duchies and usually even 3 county ones get created, so better create them yourself for prestige and give them to people who like you.