The only benefit to multiple spies per province is when attempting to instigate revolts abroad. The highest valour spy is again the only spy that counts, but if he pulls it off and gains valour, so do all of his fellow spies. This is a cheap and nasty way of valouring up your spies quickly.
Not sure about counterspying. It may be that the highest valour spy always acts as the counterspy, rendering the others useless, or it may be that all counterspies in a province act in turn. If the latter case is true then multiple counterspies in a friendly province may be worthwhile.
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