Beepster
The "normal" position (with the body draped over the right leg) is absolutely horrendous for not just neck stability and fretboard access it also brutal for one's posture. I attribute the advancement of my spinal curvature to being hunched over a guitar in that position for endless hours as a young puke. If I try that position now I have to put the guitar down shortly after and go lay down to stretch my back out again.
Now I use a strap to keep the guitar at my ten o'clock with the bass of the body resting on my right thigh to take some of the weight off. If I stood up the guitar would be strapped across where my stomach begins and my rib cage ends.
It sure don't look cool but allows for some major rippage all across the fretboard. Joe Satch and most of the crazy jazz guys wear their guitars up that high so that should tell you something.
I wear my guitar that high up too. Definitely easier to play it up there. I remember as a teen in a thrash band, everyone was trying to outdo each other in the low slung stakes. I went along a little but hated it. Nothing worst than trying to shred with your wrist all bent up like that.
To be honest I prefer to stand when I play, but lately that's been irritating my lower back a lot. I think walking dogs for so many years did me some damage. Before I became the "boss" I just worked alone for myself, and it would involve 8-10 hour days of constant walking. I carried a shoulder bag with me and I'd usually have some big ass programming manual in there or something to read on my breaks. It's not good to carry a weight like that over your shoulders all day. So when I stand up with the guitar, I'm feeling the same back pain I used to get lugging that bag around. And 100lb monster dogs pulling my arms out of their sockets didn't exactly do me any good either