The main problem I have with multiple shields starts when someone's got three of them. When you're fighting someone, you ought to be able to have a general idea of what sort of equipment they're carrying. Since there's no place for a third shield, it doesn't show up. When you know someone's just going to turtle behind their shields for the duration, you should have some rough estimate of how long it's going to take to wear them down.
The secondary problem I've got with shields is that they're far too quick to put away and take back out. When you break someone's shield with a great axe, you oftentimes can't even get an extra swing in before they've got their next shield at the ready. Either people need to be stunned when their shield breaks, or shield transitions need to take more time.
Other than that, I'm perfectly happy with all the people who run around looking like noob sandwiches.
One more thing, since people keep bringing shield v. shield combat into the picture on these threads. The best fights I've had have been like this. If you think shield combat is nothing more than mindless repetition or some kind of dance, then either you've never fought someone who's good with a shield, or you're not good with one yourself. If you watch a battle between two really good manual blockers, these fights follow the same sort of pattern until one of them actually goes through the effort to outsmart their opponent. It's the same with shields.