I agree Dean, the more paint buildup on a home - the worst it becomes. This is apparent with those homeowners that have semigloss used on their homes - the buildup is rapid, and so is the failure. If you spot prime, spot paint, then whole house paint - then you affectively have at least 2 coats of protection everywhere. I only have one home that had a 2 coat over spot prime in 2005 - that job is 7 years old at the end of this April. The paint is in such great shape - it will easily go another 7-8 years before this homeowner or the next considers repainting.
After having 7+ years on my jobs out there and seeing the competition's work over the years and homes I have bid on over the years - I no longer believe 2 coats is all that great, certainly not at the expense of prep. I'll take 2-3X more energy spent on prep vs. a second coat of paint any day of the week. If there is a 'problem' home, then a full house latex prime and one topcoat is much better than two coats of topcoat on just spot prime. I've seen homes that I did at the same time as my competition on newly sided homes. I did a full oil reprime over the existing pre-primed siding and one topcoat of paint - the competition did two topcoats over the existing factory primer - both pressure washed - their job is gone to hell, mine is still perfect. I believe a 2nd coat on all my jobs would be even better - but if your goal is to have homes painted every 7 years - then doing two coats is pointless.
New homes, I agree two coats is preferable. But if it was my home, it would be washed, then 100% Acrylic primer tinted applied over the entire house over factory primed siding, then one topcoat of paint. Oil primer if the siding weathered for any substantial period of time.