Mine was debadged when I got it. Only the Alfa Romeo badge on the rear. Think it looks good.
If I had a 156 GTA or 166 3.0 Super, I would probably just have "GTA" or "166 Super". I think that's cooler than putting all the specs of the car on the back.
Having all the badges makes the rear a bit busy, but I wouldn't mind having some of them. Maybe just the "166".
If the badges have been on the car for a long time and they are removed, will the paint behind the badges be darker from less fading? Or doesn't the paint fade much?