Elbows tucked and hands low takes my shoulders out, and keeps more emphasis on my tri's and chest.
Elbows flared and hands higher hits me more across the fronts of my shoulders, and the upper part of my chest.
If I were working my barbell bench press, and I missed a lift at lockout, I would focus on neutral grip dumbbell benches on an incline, touching the dumbbells together at the top, for awhile. The grip and the incline make for a long, long range of motion. Its also natural to support the weights on the triceps, instead of with your upper chest/ front delts. Getting good at this makes barbell benches feel very smooth and short.
If I were going on Spring Break, and my shirt was going to be off a lot I'd do lots of incline and decline presses with my elbows more flared, at like 45 degrees. I'd still squeeze the dumbbells together at the top, but they would be end to end using this grip. The key to this style, for me, is to arch hard, and protect my shoulders. This is a "vulnerable position" in my opinion.