Well, anyone with a light meter can tell you that lumens can diminish at a certain distance. I recently read in a magazine, a guy who owns a grow store that tells everyone to "tale their light as high as it will go, and leave it there". He said then they will tell him, "that's like 5 feet above my plants" and then he says, "yes". And waits for them to say something. He then tells them "not enough light is NEVER a problem. Too much light is ALWAYS a problem.
I totally disagree with the statement. Not enough light can result in stretch, shitty growth, airy buds, etc. But at the same time, it really can go both ways.
I think it all just depends on your setup. If you have cooler temps you can totally get away with running it a little closer, I've found. But like for me personally, I just moved my magnum xxxl hood and 1000w from a 4'x2' tent, to a 5'x5' tent. The hood itself has a huge footprint; it actually barely fit in my smaller tent. I kept it close (with the help of an air conditioner) but still had some problems going into flower with my tops yellowing on me. I attributed it to pH swing, but now I think it was too much light.
Now that I am using the 5' x 5' tent, I have a short plant in the middle, it's probably 25-30" from the bulb, but other taller plants around the outside that are a little bit closer. I moved my light higher so that the footprint would get bigger, and I've seen a lot better health of my plants for the first part of flower. In fact, its looking like I'm due for my best crop ever if everything keeps going smoothly.
In conclusion, too much light can definitely fuck your shit up. Too little light can leave you wanting when you go to crop out. Find the medium that works best for your environment. When you do, everything comes together nicely.