OC1
It might be worth it believe it or not. We did some modelling for a client where a unit would be retained in a company structure for 5 years and then sold. Recognising the 50% CGT Discount would be lost. HOWEVER. After that period they planned to retire anyway and dividends would be paid out from the company to a trust and then to the beneficiaries. With husband and wife receiving fully franked dividends the profits could be streamed out over the next 10 to 15 years effectively tax free as they would receive a full refund of the franking credits. They also had a daughter not working who could also receive distributions. This was a better result than distributing all the profits in the year of sale and paying tax and never having a chance to get refunds company taxes previously paid. So the answer isn't always that a company is a bad structure for long term holds or where trading stock changes into a fixed asset.
Yes the dividend ripping scheme is a good one for those in 60's. Add personal super contributions each year and they pay no tax and get refunded franking credits.