The norm is certainly down, at least 90% of people go that way. In fact I can't recall ever seeing anyone use the hook up except in photo's from overseas (mostly pro's).
Josh Stone goes hook up and I asked him once why and his response was pretty much 'personal preference'.
Then I thought about it and I can't see any plus to the hook up approach. Really, hook down means:
Easier to hang your weight down on the boom when shlogging or only just barely planing and want to stay on the plane / upwind.
Easier to unhook when you really need to do it fast: just pull boom in towards you and the line drops free.
Easier to hook in... lean in til line touches just below the hook and drop your body down. I think hook up is probably harder but maybe you get used to it?
Most bad wave **** ups mean the gear stops and your body keeps moving, like a catapault. You kinda unhook automatically much of the time. Or you look like me ......

Almost all tricks or flash moves involve air time, so I guess if you wanna try them hooked in it is easier hook down to hang you weight off the boom.
Anyone for hook up, I don't get it