I would think overflow is a very rare problem for floats; I don't think any code I have ever written would need to handle the overflow case. The more significant problem should be precision loss.

Is the algorithm in [1] significantly more precise for inputs that don't result in overflow?

Edit: I made a small program to check a few values. It is seems like the algorithm in [1] is better in terms on precision, but only by a small margin (on the small set of values I checked).