If it is rated at 4.2v per cell, then no.. that's what it's rated at!
If we're talking about hobbyking lipo, then i think their rating is based on beating the hell out of the batteries with high discharge rates, running them down to 3.0v per cell.
There is also very little energy above 4.10v anyhow.
There have been studies on lithium ion chemistries, however, showing that they benefit greatly from an 80% cycle rather than a 100% cycle. It can extend their life. I haven't seen studies on lipo, specifically, thoough.
I charge to 4.15v per cell; to give me a buffer against overcharge ( as i don't always balance charge ), and to extend their lifespan. By doing so, you only forego 5% of the battery's capacity. Not bad...