There is a minimum contrast specified for a reason, because more contrast is better to read.

Modern designers argue that high contrast is "harder on the eyes" and they seem to prefer solid colored boxes. It is a real pitty, infested the web with sites that are basically gray on gray. Great, the text is now out of the way for the beautiful design and the eyes can relax from all the reading. Except when you actually want to read it.

No really, low contrast text is a real strain and these "too much contrast" arguments are too blame that it still happens.