A few stories have popped up in the last few days regarding people overstaying their visas being caught and held in custody including what seems to be a mass round up in Bangkok.
For many people, It has been generally an acceptable process to "overstay" and pay the fine on the way out as opposed to the rigmarole of going out to immigration and getting your visa or your exemption extended.
It's quite evident that laws in Thailand can be enforced arbitrarily and it's better to er on the side of caution and do what is essentially the right thing as overstaying is generally considered quite a heinous offence in most countries.
DONT risk it. Go and pay for an extension and give yourself peace of mind. If your overstay is more than 4 days you will also save money.