Toe drop, heel drop, flat foot?
 

Drop toe or drop heel?

I used to pedal with my toes pointed down. A friend suggested I lower my saddle so that at the bottom of the stroke my foot was flat or even my heel was dropped. I did so, maybe 1/2" lower. By now I've pedaled this way for a month, including a number of 50 milers and a recent 12 hour day.

I don't notice much, or any really, difference.

How do you pedal? What are the pros and cons?

I try to pedal with my heel cups. My foot is about flat at the bottom. I think that helps to engage the hams and glutes and is easy on the feet and calves.
https://www.youtube.com/watch?v=z04uoO7U_SA
If you watch the pros, there's a lot of variation. Phinney was a toe down advocate. I saw an engineering discussion on youtube which I can't find that said the closer your shin was to your pedal axle, the more mechanically efficient the stroke.

saddle height = to the old heel of the foot on the pedal .. when foot on the pedal normally its OK..

there always have been various ways the different pros had for pedaling form.

my road bike is upside down on ceiling hooks, it may not get on the road this year at all . the ones by the door go out more.

grocery runners..