Well, I like to see where I'm going, or more to the point, make sure there's nobody else going there at the same time... But I also like to be as high as possible as soon as possible to have more options when the engine fails... Getting higher faster to reduce noise, and keeping speed up to keep the engine cool are secondary considerations in the C172 I'd imagine...
To climb at Vy until having performed the after takeoff checks at 500 ft seems reasonable, will try that next time!
Until I get yet another instructor with a different opinion, that is...
