I have recently started using Nizoral every other day since I read Michael Barry's post on Nizoral. I have not noticed any "stripping" or damage to my hair. In fact it seems the exact same to me. Show me someone who has had their hair ruined from over use of Nizoral. I doubt they exist.
That said, 3-4 times a week is mostly likely all one would need. As for what it says on the bottle, you have to remember that its made to fight dandruff originally. For optimal dandruff control use "once every two weeks." For baldness control use MORE OFTEN!