Gerd Schraner, author of The Art of Wheelbuilding, claims hi-flange hubs are a relic of the past and create weaker wheel than one with low flange hubs. The only reason they're still around are for aesthetics.

I'm not sure I agree with him but if you read his book, the guy knows his stuff. His theory makes sense after seeing pictures of that blown apart Campy hub. You can also look to both Shimano and Campy's current track gruppo to see that neither of these companies make hi-flange hubs anymore. The only people making hi-flange hubs are marketed towards messengers, street riding, retro-minded folks.