The only reason I have ever found to be fussy is when tying on flies or hairy type lures which are bound to the hook. These are easier with a turned down eye. As for actual performance, there seems to be little to recommend one over the other. Shank Shanks come long or short. Anything in between is either almost long, or close to short.
Long shanks are useful for bait which is threaded onto hooks such as prawns and some types of worms.
Long shanks are also easier to remove from the fish, providing you catch fish courteous enough to leave part of the shank protruding. To use hooks with long shanks in place of trace wire is not recommended, fish with teeth need wire. To date there is no substitute for a short shank hook and wire. Short shank hooks are normally used for most other types of bait fishing. They are more easily hidden in the bait and they also take up less space in tackle boxes.