While I have a one year old dd, I also have 10 yo and 7 yo daughters...so I thought I'd offer my opinion for what it is worth.
I've given my share of praise over the years (some of it empty, some not) and "good job" is pretty much engrained (sp?) in my everyday vocabulary. And I find that my two oldest really do have a hard time out in the "real world" with making mistakes in school, or not being so great at sports, etc. They take it quite hard. I am really working on focusing on effort with them, and I think they are coming along, but I think if I pulled back on the praise as they were growing up they might have different attitudes now about trying new things, or participating in things that they might not be the best at, or realizing it's ok to have trouble grasping a concept at school, etc.
JMHO,
Gina