As Alaric mentioned if water/moisture/condensation is an issue then that should be addressed. Maintenance electricians are constantly having to vacuum/dry panels because of engineering design flaws along these lines. The conduits filling with water is just as detrimental as the panel filling with water.
I do not have a bad back and I do not think it is part of the issue. When terminal strips are located at the bottom of the panel that means you have to, IN MOST CASES, work below eye level AND in closer proximity, physically, to the electrical equipment. Vertical mounted strips offer a better view without having to bend over or work around any devices. As a reference here are 2 examples that have been provided by Norm and Eric:
http://www.plctalk.net/qanda/showpost.php?p=55623&postcount=15
http://www.plctalk.net/qanda/showpost.php?p=55566&postcount=5
Norm's cabinet, I think, is floor mounted (no legs) so it will be easier to access the terminals without being close to the devices.
Eric's is smaller and I am sure is mounted at eye level, again easy access without proximity to devices.
Here is an example of what I DO NOT LIKE to see.
http://www.plctalk.net/qanda/showpost.php?p=55587&postcount=9
The Drives and terminal strip are on the bottom of a floor mounted cabinet....you either lay or sit on the ground when there is a need to work in the cabinet....I have an aversion in not having the freedom of movement in case of a problem.
NOTE: The cabinet is nicely done and I mean no offense to the builder, I personally just do not like this kind of layout.
As far as spare space goes that would depend on circumstances, I attempt to have more space available regardless...too many variables in the industry. Just recently an engineer I worked with did the layout on a cabinet using an SLC500 with expansion chassis, he did not look at the cable length for the expansion and designed the panel "real tight" but with the racks far apart ...the sad part is I tried to explain the problem and he would not listen...standard engineer thing. He had to purchase another cabinet and do a new layout.
This is my personal opinion based on having to work on panels for over 30 years in numerous situations and conditions. The better part of that 30 years was DEFINITELY outdoors in rain, snow, tornadoes, hurricanes and anything Mother Nature could use.
I do not know much but know what I like and what I dont like.