Guitar Strap

[Valiance]

Lower looks cooler depending on your crowd.
Higher is easier to play with.

Your choice.

I play on a stool with none, depending on the song, or I play with it somewhere inbetween, leaning towards low.

Hurts my arm though.

 

[The Rockerfly]

I find wearing it lower down is much easier to play as long as you don't have any bad habbits with your neck arm. It allows more blood to go to your arms, you won't get cramp, I find I can play better plus you look quite cool which is a plus if you're in a metal band