Join Date: Feb 2004
Location: St Peters, Missouri
Bikes: Rans Rockst (Retro rocket) Rans Enduro Sport (Retro racket) Catrike 559, Merin Bear Valley (beater bike).
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I only have extensive experience with Shimano stuff so my observations might not apply to Campy.
As near as I can tell, the parallelgrams of Shimano rear derailleurs, which is the part that determines shifting quickness, are the same. The only thing that the longer derailleur cage does is to wrap up more chain slack. If you have wide range gearing, you need the greater slack take up capability of the long cage. The short cage derailleur, of course, looks racier. Otherwise, I don't see much advantage in one over the other.