Freddie's right, lowering the front alone is a bad idea. It can cause some pretty evil handling characteristics. Lowering the rear alone affects handling as well,typically the rear seems more planted and the front lightens up a bit. Lowering both end's should result in handling improvements, lower center of gravity and all that, but the loss of clearance pretty much negates the improvements, IMO.
But, lowered bikes do look really cool

If I didn't live in the sticks at the end of a 1/3 mile gravel driveway, I'd probably slam mine.