I don't see why you wouldn't want to file the return on time if it has been prepared correctly. What excuse would be used if during the ongoing audit of the previous years' returns the agent says, "Oh by the way why wasn't the 2008 return filed?".
The $100 penalty wouldn't apply anyway since the rule is the lesser of the tax due (presumably zero in this case) or $100.
I would also be concerned about preparer penalties for advising a client not to file a return on time.
taxbilly