I think both approaches have applications in the right context. A lot of the decision criteria that I would point to will depend on the risk context. Are we talking about an environmental contaminant? Are we talking about a life-saving drug? Are we talking about an emerging pathogen? Those are different decision contexts.
However, in terms of environmental issues, I think precaution and risk based both have a place. The more data we have, the more risk based we can be.