I like to keep it low. I'm willing to forego the lack of sustain for the sake of ease of play.
Posers are like punks, except they do it for fashion

I keep it rather low
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my acoustic guitar's strings are rather high, so whenever I play a bar chord song it gives my fingers a workout. My electric one's are low and I can hit the bar chords easily so I'd prefer it being low.
I put them as low as they will go. Than bring it up a tad. Just enough to give me good open chords, but still have easy fretting.
~~One Off Custom Strat~~
- 3 piece alder body
- Maple on rosewood 21 fret neck
- '82 Fender pickups

~~'92 Toyota Supra~~

- 1JZ-GTE (TT, front mount intercooler, 15~psi)
- Tuned on 93 octane
- HKS 3" exhaust
I like mine a little higher then norm, right now I'm at 3/64" on my high e, and I do a gradual increase to 4/64" to the low E. I really like it this way, once I switched the same day I tried my Epi SG with really low action and I couldn't stand it, I had to raise the Epi a bit.
Hai UG!
High as you can go. As well as all the tonal goodness that you get from high action, I play a lot of slide, so high action is more or less a must for me...
Feel free to ignore my ranting.

Member of the Self-Taught Club.

A recent study shows that 8% of teenagers listen to nothing but music with guitars in it. Put this in your sig if you're one of the 92% who isn't a close-minded moron.
Mine's a little high so I can play the whole neck. I want to be able to hit a note anywhere and not buzz. Don't expect any 1/64th notes from me.

I'm no speed demon.
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