I have the close ratio and it's a 'street' car with a 3:31 rear. Because Hawaii is pretty flat, I get by OK. But heaven help you if you get stuck in a slow moving line waiting to drive into a steep parking garage entrance ramp!
Now once I'm rolling, man I really like the close ratio. I can drop into SECOND GEAR at 60 mph, which makes for some impressive accelleration and lots of noise while your passenger cringes in terror.
If you have any hills to deal with, I'd have to recommend a wide ratio. Another thing I DO like about the close ratio is the higher 1st gear. It helps to 'control' the flow of horse power and is not near as likely to 'break em loose' unexpectedly. In that respect, I consider it a bit of a safety feature. On the drag strip I am STILL traction limited, man a lower gear ratio would surely be a serious tire frier.