Darrel Martin's book, "Micropatterns tying and fishing the small fly," devotes a chapter to hooks and their performance characteristics.
In his conclusion about 'small hooks' Martin concludes that,
"Eye Orientation. The down-eye may act like a shock absorber, placing most of its torque on the shank. After the shank is deformed, the stress passes to the bend. Although up-eye and down-eye hooks achieve the 45 degrees at about the same stress, the down-eye hook appears to achieve the 45 degrees sooner. The up-eye pulls more in line with the shank, thereby transferring more stress to the bend than the shank. The larger the hook and the longer the shank, the more pronounced the effect. In small hooks, the effect is not as dramatic. The integrity of the bend and, consequently, the hold may continue while the shank deforms. Down-eye hooks tend to be minimally stronger than up-eye hooks."
From this I would infer that there is barely any difference between the performance of down-eye and up-eyed hooks, certainly not enough to stop using them.
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[I]"I still don't know why I fish or why other men fish, except that we like it and it makes us think and feel."[/I] Roderick L Haig-Brown
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