Depends on the rider but I like mine a little above eye level for more coverage. Having said that, I have screens on both my FXR and Victory and they are below eye level. Vic came that way and I had to cut my FXR shield down due to scratches toward the edges. The higher shield gives more protection from Texas bugs the size of small children ;-) and hail doing 80 mph. The smaller screen is easier for me to see over when riding in the rain though. Smaller screen works better when I'm wearing a full face helmet. Heck, with a full face helmet, I don't really need a screen because my eyes are protected but I always run the windshield on long highway runs as a safety measure to protect my eyes. TEXAS won't issue a MC license to a blind man-----yet.
My shield on the FXR was originally designed for the Dyna bikes and has extra wide coverage for the hands and arms. Not sure it really made a difference though.
When I ride without the screen, the wind pressure is usually pretty straight forward and constant. With the shield, there seems to be more buffeting especially if it is a windy day. Now, town riding: it doesn't seem to make much difference to me whether I have the screen on or off. Sorry for such a long reply. Be safe and watch out for the cagers on cell phones!