Philips head fasteners are too easy to damage the slot on and, as noted, hard to get to use with a torque wrench. Another alternative is Torx head fasteners which are used on the Rohloff gear hub and on some other bicycle components. IMO harder to find than hex socket head fasteners and more expensive.
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Gear Hubs Owned: Rohloff disc brake, SRAM iM9 disc brake, SRAM P5 freewheel, Sachs Torpedo 3 speed freewheel, NuVinci CVT, Shimano Alfine SG S-501, Sturmey Archer S5-2 Alloy. Other: 83 Colnago Super Record, Univega Via De Oro
Visit and join the Yahoo Geared Hub Bikes group for support and links.
http://groups.yahoo.com/group/Geared_hub_bikes/