Here's a "classic" Alden cordovan leisure loafer http://<a href="http://auctions.over......60&fp=f</a> for comparison. This shoe is unchanged in the last 40 years and was intended to be worn with khakis, cords and jeans (not gray flannels and a blazer). IMO, the higher vamp Santoni is somewhat less dressy but neither shoe resembles the original and both could (should?) be paired up with a sportjacket and tie.
I think it depends on the look you're looking for. Flusser claimed the low-vamp style was more elegant, and perhaps it is. Personally, I prefer the high-vamp style. Edward Green does both, so it's not a matter of low-end makers following one style or the other. Personally, I think the low-vamp style is more delicate looking; less manly; more for summer-wear; etc.