Generally we like to any test run done at load, however in practise it is usually VERY difficult to get an end user to either pay the expense of a portable or permanent load bank or use their facility loads for testing.
Hospitals are the worst in my area, getting them do do a loaded run is like pulling teeth, and finding money and space to install a load bank just doesn't happen.
If you are going to do a no load start and run test, limit it to 10 minutes, let the engine start, come up to speed, monitor voltage, frequency, oil pressure. Make sure the fuel system, cooling system and other support systems are working properly, check the engine for leaks. Stop the unit, make sure the battery charger is working properly and that all controls are reset so that the unit functions properly in AUTO.
As a general rule, for every hour on a standby engine you run unloaded, you should run at least once a year the engine should run at or above 50% load for an hour.
The majority of customers I used to support when I worked for a dealer did weekly or monthly start and run tests, and an annual load bank test for 4 hours.
If you have any design or operational influence, having some kind of load to test downstream of the ATS is preferable, because it also needs to be tested. But few customers, except high end data centers, will put in the appropriate bypass cicuits or design for regular testing.
On large telecom customer we used to have did weekly start and run tests, quarterly site load tests thru their ATS, and an annual load bank test during the hottest summer months. Overall after about 20 years we found this customer had one of the lowest numbers of problems with his standby systems. Of course a lot of other things went in to assuring system performance as well.
No load start and run test only give some assurance the unit will start and go to rated speed and voltage when called. These types of tests do not fully prove the ability of the support systems, such as fuel supply, lube and cooling, to properly function when the called for an actual emergency.
The earthquake in Hawaii and subsequent power outage on Oahu a few years ago is a great example, about 65% of the standby generators "failed to operate as expected". Many failed to start at all when called, but most failed and shutdown with the first hour due to mainly fuel system and cooling system problems. Virtually every unit that failed had some form of "regular maintenance and testing" performed.
Since I don't know what type of facility your supporting on can only offer fairly general advice, but your generator set vendor is likely your first best source of information for you unit and application.
Hope that helps,
Mike L.