So, as a newbie sock knitter, I am just wondering about the difference between toe-up and cuff-down socks. Is there a significant difference in how they are constructed, or is it just a different way of accomplishing the same thing? Is one better than the other? Or, is it just more of a personal prefence thing?
Toe-up vs. Cuff-down
From what I’ve seen, the toe up is more custom made to fit your foot since you can try it on, and not just go by the pattern as to where you need to start the heel. I like the toe up for that reason because I have tiny feet.
Hmmmm. That’s good to know. I just attempted my first sock and it has ended up too big – maybe I need to try toe-up!
I actually prefer to start with the top and work toward the toe. I measure the length of the person’s foot, and knit the foot until it is 2 inches less than the length. That leaves me 2 inches for the toe.
And I LOVE the Kitchener Stitch for closing the toe. It’s fun to do.
If you knit socks on two circs instead of DPNs, you can try them on no matter which way you knit them – toe up or top down. I knit mostly top down and I always try them on my kids once I’ve decreased the gusset stitches so I know exactly whern I should start my toe decreases.
I’ve only knit one pair of toe-up – so far I really prefer top-down because you get all the boring stuff (nine gazillion rounds of ribbing or whatever) out of the way first. 
I like toe up because I can use stitch patterns and charts that aren’t necessarily made for socks. Toe up is “right side up”. Cuff down you have to work a chart upside down and may not work at all for some stitches (you can do it ,but they look unnatural upside down).
I also worry a lot less about running out of wool.