The touring frame I built this year has a BB drop of 9cm. I did it for two reasons, stand over height and handlebar to saddle offset. The extra 1-1.5cm in drop affords higher tire profile without sacrificing stand over clearance. It also allows the handle bar to be more on par with the saddle height. I like the aesthetics of it and I can use a lower rise stem, again, more pleasing to the eye. Not a fan of sloping top tubes, plus using lugs that were designed for a level top tube.
Riding the bike feels just like any other bike. Cornering is just fine, have yet to dip a pedal, however I will say if this were not a loaded touring bike, then the BB would be higher as pedaling deep into a turn is more common when playing racer boy. The body does not "feel" like it is "in" the bike, just feels like a regular bike. Not sure what that feeling is and how it can be achieved when sitting atop a bicycle with the wheels beneath your body anyway. It isn't a Dan Gurney motorcycle where the rider really does sit between the wheels!
I believe BB drop or conversely BB height is much ado about nothing when it comes to the handling of the bike, however I believe it should be used to address saddle to bar offset and stand over clearance. One little caveat that needs to be mentioned. I did have a mountain bike with a lower than usual BB height and I had a lot of rock strikes with it. Obviously rocks are not an issue out on the tarmac, but for mountain bikes it is something that does need to be taken into consideration.