There are pros and cons to either arrangement. With a flip-up design, you can't have anything on the floor blocking the path of the table when you raise it up. And for a heavy bench, I think it might be better to have it come down to waist level than having to bend down and lift it to that height.
Then again, if something fails and the bench surface falls, it might be better to start at waist height than higher up. And while you can store stuff on the wall above the bench with either arrangement, you aren't as limited, depth-wise, if the bench folds down. And while it might look nicer to have your pegboard hidden by the bench when it's stowed, you also don't have easy access to that stuff when the bench is up and blocking it.
That looks like a nice bench. But the price seems high.