Usually a spike is a very immature deer. In very few cases will you see a spike that is 2.5 or especially 3.5. On that note, if you see a spike 3.5 I would suggest taking it from the gene pool, but a 1.5 spike will grow into a normal and respectable buck given time.
Would I have shot that deer? No. I would have let it go and watched it grow. But that is your choice and your choice is always the right choice. Its a matter of preference, so if you want to shoot a spike then go ahead. It's all the same meat.
Bigbuck, I'd guess you're seeing new bucks each year. I dont believe those are the same deer in subsequent years.