it's definitely something to discuss with your spouse to better understand his/her preferences. my husband and i have talked about how much (praises and otherwise) we want to share at our young marrieds bible study. both of us have agreed that if one of us starts on a longwinded story or illustration which eventually praises the other, then we each feel embarrassed (because the praise seems sort of drawn out). but, if we're having friends over in a more casual environment, and if my husband says: "cassie, you make the best desserts..." or if i say "brian, thank you so much for suggesting this board game, you always have the best ideas..." then the spotlight isn't on us for long, and we don't feel uncomfortable.
i think some of the value of public praise is that it can seem more genuine than private praise. since public praise is meant for others to hear, it can almost seem more true, as in: "whoa, my husband must really mean that if he just told our friends..." "my wife isn't just trying to butter me up and saying that so i'll paint the bedroom..."
public praise can be really helpful for your relationship, too, even if the praisee never hears the praise. all too often, i am with other girls who have a million complaints about their husbands (and all of the negative surprises that come with being newlymarried). it is very refreshing to speak "only what is good for building up" my husband's character. there are plenty of good surprises that i've been blessed by through our (albiet) short marriage so far. being conscious of praising my husband even when he isn't around helps me appreciate him more when he is nearby.