I'm reminded of that rotissiere commericial "Set it and forget it!". The funny thing about the commerical is, when you get your product in the mail, the first thing the how to book says is "Don't take 'Set it and forget it' literally!"
The same is pretty much true for SQL Server. Theoretically, nothing is wrong with those settings. IRL, though, if you don't do manual checking or the occasional manual shrinkage along with creating a backup plan, a database(s) integrity plan and the occasional performance tuning, you could end up with a bloated and potentially corrupted database on your SQL Server.
Ever hear of the phrase 'OS Rot'? I've seen similar things happen with SQL. You have to do preventive maintanence on SQL which sometimes requires stopping and restarting the service. Heck, I recommend doing preventive maintanence on the OS too, which might require the occasional machine reboot. If you don't, you're just asking for trouble.
You can leave the job scheduled without any changes if you so desire. Nothing wrong with that. Make sure you run Profiler to get a baseline on all your machines, though, during busy times preferable. Then, occasionally run Profiler to check current performance against that base line. Then use the traces to run the Index Tuning Wizard (unless you have predefined indices that you don't want SQL to overwrite). Then run DBCC (all commands) on a regular basis.
Double check your backups, do some manual shrinks. And yes, drop and recreate your indices as the database grows, so it doesn't become a big mess that's hard to search through.
Remember, just like in dental care, regular checkups are essential to a health SQL Server and the prevention of gum disease... Or OS Rot..
Catadmin - MCDBA, MCSA
"Just because I'm paranoid doesn't mean the universe *isn't* out to get me!"