I read an article awhile back in one of the one-off mags put out by peterson publishing that talked about the best small blocks and went a bit into the rod/stroke ratio debate. They said that a ratio like the old 302 Z28 motor was well suited to constant high-rpm because the roughly 1.9:1 ratio would keep the stress on the rotating assembly down by reducing instant accelleration of the piston and reduce side loading of the rings against the bore.
The article claimed that for an accelleration engine, a 1.8:1 ratio was about optimal. They also said that many high-rpm race endurance motors run 2:1 ratios and higher if I remember right.
As far as it effects quench design and detonation resistance, I imagine there is a point of diminishing return, but I couldn't say where it is. The article sited from the AFR website is good testament to the advantages of a 1.9:1 ratio though. If it could run 11:1 compression on 87 octane, you could probably get away with a point more on 93 pump gas.
The reduced piston accelleration theoretically will decrease volumetric efficiency however, as a faster accelleration should create a more efficient pump. Also, a long rod/short stroke combination will make it more difficult to make power in that the rod will have less leverage over the crankshaft. It is kind of like trying to push open a heavy door from right next to the hinge (short stroke) as opposed to at the outer edge of the door (long stroke). It is easier to push the door open from farther from the fulcrum.