Why don't you do what fits you and not what a bunch of BF dorks think looks "cool"? Assuming you're about riding and not posing that is. (and if you're posing, you got the wrong bike).
I'm pretty sure johnn99's comment is sarcasm but it'll probably escape this crowd.
Having the bars too low makes your back and/or neck hurt. Having them too high means that you don't involve your glutes as much, you're up in the wind and therefore slower, and your weight may be too far back on the bike for good handling. I think that the bars should be set as low as is comfortable for you for the riding (time and style) that you do. If you can't stay in the drops for as long as you want then they are too low.
Doing core strenghtning exercises and stretching the hamstrings can allow you to be comfortable with lower bars.
Last edited by ericm979; 06-10-08 at 07:55 PM.
Reason: duh, bars, not saddle