Working for a outfitter we do the gutless when ever the animal has to be left overnight, it is by far the best way to do it. Elk are pretty smelly after sitting all night they hold heat so well that even in below freezing temps the risk of meatloss is high.(whatever side they lay on)
Alot of guys go out west with out ever doing it, then end up cutting into the stomach when they go to take the hind quater off(you can actually watch the bloated stomach go down as the gas comes out), having problums with the backstrap etc. This method can be easliy done and it gives great practice to do on a deer or two. Try it before you have to do it with a headlamp in 30 degree weather.