I prefer High Flange hubs on both my road bikes and track bikes. Not because I can tell any difference, but because I prefer the look.
Most bikes sold in the past 20 years have low flange hubs, so the high flange hubs on my bikes give a classic look recognizable even by someone who isn't that interested in older bikes. Just love the look of a shiny high flange hub on a classic bike. Maybe this is why collectors are snatching them up...
One advantage to high flanges is that I bought a Campy High flange track hub with a 16 t cog firmly attached, since the seller had just cut the hub out of a wheel without loosening the cog. I was able to lace the hub into a wheel and then remove the cog - something that would have been much more difficult on a low flange hub.
Ben Sanford
Falls Church, VA