I've had beers (ales) ferment out overnight, and I've had some take nearly two weeks! As long as the yeast is healthy, the time doesn't really matter. One risk from a fast and furious fermentation, though, is that fermentation is exothermic and the temperature of the wort can rise as much as 10 degrees during this time. Fine if you're making a beer that is intended to be fermented that warm, but I ferment most of my ales in the 62-65 degree range. Not room temperature, but the temperature of the wort in the fermenter.
The keys to a good tasting beer are to pitch an appropriate amount of yeast, and keep it in the temperature range indicated by the yeast strain's manufacturer.
I think a nice slow steady fermentation produces a nice smooth beer, but I have not had any off-flavors in quicker fermentations, either.