Hey can someone give me a run down of the pros and cons of each one.

Better to learn to be good on a high playing action or low playing action?
Playing hard rock and metal style.

Just wondering if I should think about lowering my high action now or not?
well it's more or less just personal preference. Most guitarist that are in the "shred" world will have there action pretty low, this is so they can just breez over the fret and not have to put to much pressure on it and get to the next note faster. As opposed to say a more slower playing guitarist might like his action higher so he can concentrate on the note. Imo I like my action just in the middle, but a little on the low side

^all of that is just what I believe in
As long as you're not playing slide, keep it as low as possible. I find it to be much easier and more accurate that way.
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High action is better for bends IMO. Uber low action makes it easier to choke notes.
So if you can get good and fast with a high action will you be even better and faster with low or does it not work like that.
It's a matter of what you're used to I suppose. No doubt switching from a high action to a low one will need a period of adjustment before the extra speed arrives.

In my experience the tone is a bit better on a higher action but playability is better on a lower one. With a low action I found string bends to be a pain with my Strat as the strings kept choking, which was one of the main reasons I changed to the Ibanez. If you have a neck with a much bigger radius like that then you can have a very low action and still bend to your heart's content. I wouldn't say I'm particularly fast as a player but I prefer a low action anyway.
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