I often get asked where to hang drapes and how long should they be.  Personally, I like drapes to be hung as high as possible.  They should start just below the ceiling or right under the crown molding.  This helps make a short ceiling feel taller and tall ceilings to be softened acoustically.  It works regardless of  ceiling height.  If you asked 20 designers how long drapes should be you may not get a majority consensus.  I like to just have them just "kiss the floor".  I think for those who like them to puddle, you should save that for a more formal setting.  The one thing they shouldn't be is floods.  Trim or a band can always be added to the bottom of drapery if they are too short.  Here is an example of hanging them just below the crown and "kissing the floor".