I know there are a lot of opinions on this, and I've talked to a few gunsmiths about it too. I haven't heard that particular reason (the bullet riding nose up and losing energy downrange) but I've heard that a slower spin gets you more velocity and accuracy. And on Berger's website, they say that they recommend the slowest twist that will stabilize the bullet because "Spinning a bullet faster than necessary can amplify any inconsistency in the bullet" resulting in a slight loss of accuracy.
But Dave's post got me thinking so I dug out my copy of Bryan Litz's book, second edition. If you're not familiar with him, he's the chief ballistician for Berger and shoots competitively at long range. He has a pretty good discussion on this topic starting on page 141, and pretty much debunks the theory of the nose up causing an increase in drag or a loss in velocity. He modeled the differences in pitch (nose orientation in the vertical plane) and yaw (horizontal plane) and their effects on trajectory and velocity for the 7 mm. 180 Berger vld. out of a 9-twist and a 6-twist barrel. That's a pretty radical difference in twist and I've never run across any 6-twist 284 barrels.
According to Litz. the difference in pitch (nose orientation), drag, and velocity between two 180 vld bullets launched at 2800 fps out of 6-twist and 9-twist barrels is insignificant. The difference in velocity is less than 1 fps at 1200 yards. Litz goes on to say that there would be a slight difference in trajectory, with the bullet out of the 6-twist impacting a half-inch higher at 1000 yards.
There's a much more pronounced difference in yaw between the two twist rates, resulting in an increase in spin drift (in the horizontal plane) of about 4 inches at 1200 yards for the 6-twist over the 9-twist.