Mr. Hutchings shared with us the importance of playing posture. Once again, many of us tend to emulate our idols when it comes to instrument placement, we strap our instruments very low, I've seen guys going below waist level- Slash/ Hetfield, ring any bells?
The over-riding consideration here is to place it where your fretting & picking hands are the most relaxed as this would supplement movements. We make mistakes while playing because we tend to cramp-up our hands & this has everything to do with the playing posture.
The botom line is not to strap your guitars way up there either, it should be where you are most comfortable. Chances are, if you have to strain yourselves just to reach that note, your playing posture could have been better.