IF all you do is rocks, particularly dry rocks, then low is the way to go. But as Brett said if you mix it up with wooded trails and muddy terrain you can easily gear yourself too low to be effective. Here in the muddy midwest, Rubicons are more handicapped than they are benefitted by their 4:1 t-case gearing (at least until they learn to run in higher transmission gears and really tach it up).
I currently run a 4.0, AW4 (with Brett's AW4 controller), 4.88s, 2.72 t-case and 33s. For the mix of wheeling I do, it's perfect. When I go a little taller, or start to get into big dry rocks more often, I'll want to go a little lower, but doubt I'd go as far as 4:1. I'm anxious to see what the numbers are going to be on the new 4-speed Atlas. Anyone know?