Higher action means less interference from frets, magnets etc. and it also makes the intonation less accurate which may give a better tone in some cases as well with more lively and varying harmonics due to variations in tune. The only problem I can see is the latter, high action can make intonation hard to adjust and maintain while playing.
I do a lot of bending all the time, both chords and notes, and thus I don't set my action as low as possible...I hate it when it's so low the strings slip underneath the fingers when bending. The taller/bigger the frets, the lower the action can be, but then again that may cause problems for some players (for instance I used to not be able to play jumbo frets and sing at the same time properly, I'd always press too hard at times and go out of tune) but in recent years I haven't found that to be a problem no more.
Dee
"When life's a biatch, be a horny dog"
Amps: Marshall JVM 410H w/ Plexi Cap mod, Choke Mod & Negative Feedback Removal mod, 4x12", Behringer GMX110, Amplitube 3/StealthPedal
Half a dozen custom built/bastardized guitars all with EMG's, mostly 85's, Ibanez Artwood acoustic & Yamaha SGR bass, Epiphone Prophecy SG, Vox Wah, Pitchblack tuner plus assorted pedals, rack gear etc. for home studio use.