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You can reap the rewards of careful planning (what are they again? direction, speed, cohesiveness) but you run the danger of being reluctant to change things midway knowing that it may undo a ton of work that you've invested.
I try to do all my planning in the form of quickly jotted notes, not elaborate templates. Some of the best developments in a story happen when you're in the middle of writing and you are forced to consider something that you didn't want to. I'm a big fan of detailed timelines, but only as a tool used during/after plotting as a tool to ensure you don't have any contradictions.
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