Just to reinforce a point that Rusty Spanner has made, if you suffer from knee pain at all, try running shorter cranks. This helped me out loads years ago when I used to suffer really badly from knee pain whilst riding.
5ft 11 here, 33" inside leg, which probably means I should be firmly on 175's all the way, but 3 out of my 4 bikes have 170mm cranks. The other only has 175's cos I'm skint and can't afford to change them (and it has less gears than the others, so I have to get out of the saddle a bit more too).
Shorter cranks are also great for applications where pedal clearance is an issue, ie. DH and freeride bikes.
And as has been said, on track bikes you'll often see very short cranks as a high cadence is preferable to being able to put the power down initially. And it's this that I notice a big difference between 175's and 170's on my MTB's. I find maintaining a decent cadence comes pretty easy with 170's, but on 175's it feels less natural.
Could I swear blind the difference between 170's and 175's just by jumping on a bike and taking it up the street? Not sure I could to be honest, but give me 30 mins or more in the saddle over some terrain I know, and I'm confident I could tell the difference. Sure, it's a small difference, but it is there.