i think too much as well. thing is, even without the 6mm spacer it sticks out what looks like too much (ie, imagine the pic but with the wheel protruding 6mm / 1/4" less - still sticks out past the fender lip) but works fine.
I actually think it would look pretty good if you were lower because the extra camber would tuck the top of the wheel in quite nicely. At that height though, I definitely think its looking kinda "mexiflush".