Pointed down. pointed up the gun requires more movement of joints to extend into firing position, and is therefore slower, but more importantly because when pointed up that means I have something interfering with my field of vision. even holding it off to the side, it's gonna be in the way. unless I hold it below my line of sight, and still pointing up, which seems like i'd pointing it at myself.
The third eye punch out thing doesn't fly with me. I'd like to be ready to shoot, as in out of the holster, but not pointing at anything, since I think you should only point the gun at something you are willing to or are ready to shoot. If I haven't commited to killing it, or at least being okay with killing it, then I want my muzzle pointed down.
For instance, guy makes a threat and shows a knife. I point at him, cause I feel my life is in danger. But I don't shoot yet, because it hasn't gone that far, but I'm willing to, knowing I'd be justified because I'm in fear for my life right now. But if the attacker demurs, puts away his knife, then I don't want to point my gun at him anymore, becaue I'm not willing to kill him if he is not posing a direct threat. However, I wouldn't holster until I was completely sure the situation was over. As in I am gone, or he is.
low ready is best, in some very rare circumstances I could see how that Sul compressed ready thing would be useful.
In teamwork that third eye pointing out from your chest stuff is bad news. You'd be covering everything you looked at. real easy with that to point at a partner or team-mate. And you're always pointing with that at something, and whatever is beyond that something.
the trick is to know exactly what you're pointing at all the time, know with as much certainty as possible where your bullet is going to go if you're gun goes off at any given moment.