To quote Hick:
POWAH!! LIMITLESS POWAAAAAAAAAHHH!!!!!!
Well, yes. I'll admit that i'm unusually megalomanical, for a swarm of bees.
But my mindset is that higher Refresh allows for a character that's much more fleshed out in what they can do, story-wise. Take Ozmadiel, my character in The Semi-Divine Comedy, which I think is the highest Refresh game ever run on this board, or most any board. I absolutely couldn't play a Submerged version of him. The character concept is too sharply limited by how much Refresh I can play with. I'd be trying to fit the sun/moon duality in with the spellcasting and a few social stunts, and it'd end up as hideous mishmash that wasn't good at anything in particular.
If I had to make him as a Submerged character, it would be Sponsored Magic/Building Blocks, done. And that's boring. That doesn't mechanically portray what he's capable of at all, to me. Because i've got about 25 Refresh to play with, that means I can do the whole Variable Abilities Sun/Moon Duality thing.
TL;DR: To me, higher refresh makes for more versatility both story wise and mechanics wise, and versatility is da bomb.
All that being said, Taran has a point. I like the occasional low power game, where i'll take one power and do cool stuff with it. One of my character concepts is just an assassin with Numerical Prodigy and a bow IoP who makes a living just by being Hawkeye. It works completely at Chest Deep, and it's really fun to play.
At the same time, I see the appeal of More Refresh because of the pace that a PbP game moves. It could be a Months and months in Real time to get even a single extra refresh.
*grumble* I think Taran is some kind of magical talisman. Every PbP he's in moves with the speed and urgency of an incontinent leopard.