I like to customise my Sims' lifespan rather than playing with any of the presets, because I like some stages and not others. I always have Baby and Elder as the shortest life stages - baby is usually two days at most, and elder is almost never more than five. I normally have a long toddler stage because I quite like toddlers, the animations are super cute and I like to get as many skills maxed as high as possible with each life stage, so I always try to read all the toddler books, play with the blocks, play with the xylophone, yadda yadda yadda.
For teens, young adults and adults, I usually leave them at the default for either the normal or long lifespans.
I can't really play with the epic lifespan because I get bored too quickly - I rarely tend to change household, so if I get bored with one family, I end up quitting that game.