Level change is fastest of course, but at low altitude I prefer using the vertical speed to maintain a reasonable descent while slowing down in a controlled manner - level change is a bit too brutish and unpredictable in its speed.
I was wondering the other day - one captain refused to extend flaps to 1 at 240 knots and -800fpm vertical speed, saying that there is some Boeing document out there that recommends not to use the flap placard speeds but instead use a maximum of 235 knots for flaps 1, and correspondingly less for the rest to increase actuator life - I hope thats a load of tosh? I couldnt find any such reference. Also, whats wrong with using flaps to slow down within say 25 miles of the airfield? Again, even the FCTM doesnt mention the matter...