Having done both (my AD decided to make an 'arms down' model for our last game), I have had many more deformation problems with a T pose than the other extreme. Weighting with the arms down was a real bitch (especially since it was an anthropomorphic dragon character and practically self-intersecting), but the deformation…
My only crit has been summed up perfectly here: http://fox-orian.tumblr.com/post/22790196793/click-the-image-to-go-to-the-fullsize-easier-to Otherwise, Subscribed! :)
Beta testing used to be a paid gig. Then it was a free thing. Now it's a you-pay thing. Lol. This sums it up nicely http://0.media.dorkly.cvcdn.com/41/53/69c05d3aef6aa58977e6061e714dc90c.jpg