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Should one use "above" and "below" in mathematical writing?

I started thinking about this question because of this discussion:

http://sbseminar.wordpress.com/2010/08/10/negative-value-added-by-journals/

about how journals often change a paper (for the worse) after acceptance.

Here's my question: Since it doesn't make sense to number every single equation (especially if you will only refer to it once in the text), I often use the phrase "the equation above" or "the equation below" to refer to the previous or next displayed equation. I am well aware that after compiling, said equation may be on the previous or next page, respectively, and not strictly above or below. I thought this was common practice. One journal publisher changed every single one of my "the above equation" phrases to "the earlier equation". I didn't bother protesting, but in my mind it definitely made the text worse.

Do other people avoid using "above" and "below"?