I second everything RandomGemini said.
I've got two keikis that grew two short spikes last summer/fall, each with only two or three flowers (and actually at different times). Now they're both actively growing new buds at the end of the spikes; I left them since they were still green.
Then I've got another Phal that grew a spike that was long and horizontal (the keiki spikes are horizontal but short so they aren't a problem). Now that its flowers are dead I plan to go ahead and cut the green spike because it's actually a hazard (I keep almost knocking it over) and I don't want more flowers like that. In yet another case, I have a NoID that I got with two spikes, one browned the other did not. The green one I left and it started a new branch this fall/winter, meanwhile it also grew a new spike, which is in fact still in bloom (only three flowers though). The older spike did grow buds sooner and faster thus it died sooner too.
Just some of my experiences with spikes. So I'd say if you're happy with the size and position of the spike and it's still green you mind as well keep it, the plant has already done have the work growing the spike out. Otherwise don't feel too bad cutting it.
Oh, sorry I'm long-winded but I have one more story for you. I have another Phal that I underwatered and distressed the plant A LOT, I'm still fighting to save it. But its spike was still green so I left it, well actually I didn't know exactly how much trouble it was in. In these cases you typically want to cut a spike to save the plant energy. BUT THEN a little nub started on the spike and it turned out to be a keiki (a baby/adventitious growth/clone growth). Now some might say that you should cut this still because the mother is stressed but I've left it. While the keiki hasn't grown any roots it is growing a spike, and the main spike of the plant has another little nubby branch growing out of it!!!
Okay, I'll stop.