Different cyclists have different leg lengths. It seems obvious that crank length should be proportional, so long legged cyclists should have long cranks, short-legged cyclists should have short cranks....and yet, 99.9% of adult bicycles have crank lengths between 165 and 175 mm. Have the bicycle manufacturers joined in a great conspiracy to force everybody to ride the same length cranks, regardless of their needs?
This is a common misunderstanding. The "leverage" of a bicycle drive train, also known as "gain ratio" depends on the crank length, wheel diameter and the sizes of both sprockets.
Yes, if you go to longer cranks without changing any of the other variables, you will have more "leverage", which is another way of saying you'll have a lower effective gear...but on a multi-speed bike, you can change gears at will!
Too long cranks cause excessive knee flex, and can cause pain/injury if it causes your knee to flex more than it is used to.
I learned this the hard way when I bought a used mountain bike that came with 180 mm cranks. I found that it made my knees hurt every time I rode it.
On the other hand, there doesn't seem to be any deleterious effect from shorter cranks.
I've been experimenting with this a bit myself lately. For my fixed gear, I commonly ride 165 mm cranks with a 42/15 ratio on 700c or 27 inch wheels, when I'm riding fixed. This gives a gain ratio of 5.8.
My latest experiment is taking place on plastic Trek frame I picked up in a barter deal. I had a pair of TA 150 cranks that used to be on my kids' Cinelli BMX bike, so I've put these on the Trek. I'm running a 45/17, which gives a gain ratio of 5.9, just a bit higher.
When I first get on the bike after riding with longer cranks, it feels a bit funny at first, but within a very short distance it's just fine. I go just as fast, climb just as well. For a given speed, my pedal rpm is higher (though my pedal speed is the same) but the short cranks make it easy to spin much faster than I normally would.
After riding this bike for a few miles, when I get back on "normal" cranks, they feel a bit weird and long at first, then I get used to them after riding a couple of minutes.
I think people really obsess too much about crank length. After all, we all use the same staircases, whether we have long or short legs. Short legged people acclimate their knees to a greater angle of flex to climb stairways, and can also handle proportionally longer cranks than taller people normally use.