I can understand the aero argument for shorter cranks
But crank length in itself will not influence how quickly a cyclist can climb up a hill. A rider can produce X watts/kg. That's the main thing that influences climbing speed. Crank length doesn't alter your watts/kg
So if you maintain the same gearing, all that matters is can you maintain the same rpm of your cranks for different crank lengths? Of course longer cranks feel easier but you have to move the pedals more quickly to keep the same rpm as shorter cranks. These factors balance each other out
Not quite,
Shorter cranks have less leverage, so you need to ride a lower gear, to give the same leverage. But because the pedal circumference is now smaller, the cadence increases, even though the pedal speed remains the same. Net result is that you travel at the same speed.
Another consideration is the rider's power output. This can't change, can it? Well consider the application of power. This is not the same throughout the 360 degree pedal rotation. When the knee is at it's most bent position, it is difficult to apply maximum power. This is somewhere on the down stroke as the knee is unbending. When you start riding with short cranks, you raise the saddle and end up with less bend at the knees, therefore the part of the pedal stroke at optimum power output can increase.
When it comes to the hills, it means you can stay in the saddle for longer and the hills do become easier.
For the record, I've been on 150mm cranks for a couple of years and really get on well with them.