Here's what I know and have heard:
Fast burning (low bulk) powders in pistol cases generally give accuracy on par with any other powder. That seems to change when you get into rifle cartridges.
If you have a charge that's less than say 50% of your case volume, and you fire the rifle horizontally (naturally), the powder can be laying anywhere from completely under the flash hole to ramped up over the flash hole, to ramped up on the bullet. This may be hard to visualize, but when the sparks from the primer ignite the powder, the powder may ignite at different rates based on how much powder is exposed to the sparks.
For this reason, most bench rest guys use compressed or full case capacity loads. This keeps the powder fully against the primer resulting in more consistent ignition. It makes sense in theory.
As a side note, I personally know a guy who blew up a very nice .220 Swift while working on a reduced powder charge. It is my belief that he had so little powder in the case that the charge acted like a shape charge and forced pressure up instead of pushing the bullet out of the bore, but that's my theory.
Ryan