Interesting point of view. But I guess that's also the beauty of this place: exchange POV and in the end, try what fits the best for you.
As for myself, I don't really see when I would want the light clipped pointing up? Either I'm horizontal, and it would only point at my body, lighting nothing of interest, or I'm vertical, and I wouldn't want such a bright light that close to my face. Am I missing a configuration?
I usually only clip it when I'm working on something where I need my two hands, and that usually happens below me.
Also, knowing myself, there's a much bigger chance of me accidentaly clipping the bottom end open than the bungee failing. So I think I'll keep it as is (although I'm quite intrigued and might just try the double ender someday - I like to fiddle with my gear). And if the light relentlessly sinks to the bottom (which, again, knowing myself, has a much higher change to happen because of me dropping the light rather than the bungee breaking), well, I guess that's what back-up lights are for.
(Talking about dropping the light, I need to find a solution for the Goodman handle. Even at the tightest setting, it's too large for me, I can put my two hands through. But I guess that should be a discussion for another thread...)
(Talking about Goodman handles, one of my friends threaded a large bungee going throught the slots on each sides, and above the lamp. It's great to fit a few REMs and arrows on it, on the side of the lamp. I should steal this idea from him.)
(And I really should learn to stop with my digressions).