This is even an antipatterantipattern with its own name: Train Wreck. Several reasons to avoid the replacement have already been stated:
- Harder to read
- Harder to debug (both to watch variables and detect exceptions locations)
- Violation of Demeter Law of Demeter (LoD)
Consider if this method knows too much from other objects. Method chainningchaining is an alternative that could help you to reduce coupling.
Also remmemberremember that references to objects are really cheap.