For the better part of 7 years, I played BEHIND the drums. For me that was the best.
Other than that, I have always preferred the Hi-Hat side.
The behind-the-drums setup was great. It was a 4-piece rock band -- guitar, bass, drums, and the lead singer played a large percussion set and ran the mixing board. Our setup was nearly wall-to-wall drums/percussion out front, with the guitarist and me behind them.
The drummer in that band belonged out front -- good stage presence, twirling and bouncing/catching sticks, and an excellent musician too.
What I liked about it was having extra room to roam side-to-side, and no cymbals behind me ringing in my ear. Never any trouble finding a good place for my mic stand. I also liked being able to watch the drummer easily, including the kick.
And we all liked that we were on to something most rock bands never try. Just one small way to be remembered.
If there was a drawback, I'd say it was drum mics picking up too much of the backline amps, which became a non-issue as soon as we figured out how low our stage volume needed to be. And low stage volume is definitely a plus.