Whoo boy. You must have missed the big "action" thread from a little while back.
Here is a link to it. Lots of good information from folks whose make their livings building guitars;
http://69.41.173.82/forums/showthrea...ghlight=action
Bottom line, a "low action" and "volume/tone" are not mutually exclusive if a guitar is built, for want of a better word, "optimally".
To answer you question, I prefer what I would consider a "medium action"...about 6/64's at the 12th fret, E string.....4 to 5/64's e string.