Hello Tom and all others,
I have used short 155mm cranks on my Optima ORCA (SWB suspended High Racer) for a little over 2000 miles.
My best DF bike has 172.5 mm cranks, it is a 56cm frame and I am just over 6' tall.
My new SILVIO has 170mm cranks and I have 250 miles on it in about 8 rides.
So what can I say for sure? NOT MUCH!
IMHO short crank usage is some science and some more folklore and as usual, in the end analysis, a whole lot of personal preference!
Mark B. may have done the most "apple to apple" comparison and ultimately it came to just what felt good.
But one feature of short crank usage is a fact, you can get out of interference problems in the cockpit set-up at times by switching to the shorter crank.
The Optima SWB ORCA like the SILVIO has above seat steering with the handle bars behind the upper portion of the thigh, when the leg is pulled up in flexion. The shorter crank creates a smaller diameter circle the foot is traveling through. This allows the bottom bracket axis to be extended farther from the hip joint and the legs to come back towards the handlebars a lesser distance. This was needed when I set up the cockpit of my Optima, because with a 170mm crank I was getting interference as my thighs were striking the handlebars.
Setting up my SILVIO in February, I was able to use the 170mm cranks and avoid the thigh/handlebar interference by the adjustments of the TFT. SILVIO has a MBB which eliminates heel strike/interference with the front wheel when making turns, but that risk on the Optima was improved/lowered by using the short cranks.
The late Sheldon Brown discusses crank length on this page.
http://www.sheldonbrown.com/cranks.html
My observations did not produce an opinion since there were too many variables in the equation. Just consider 3 bikes DF/SWB/SWB-MBB; 20#/37#/ 27#bike; 16 speed/27speed/20speed; 32spoke 700c wheels/32spoke 26" wheels/20spoke 700c wheels. Believe me each of those bikes ride different and only one has short cranks, but what portion of the ride quality is due to the crank length, I can not begin to tell.
Best of luck and enjoy the learning process.
Larry