Which brings us to another quandry.
On the aircraft I currently fly (G-IV-SP)
The manuals all state flaps up not below 400ft. Although I must admit that I found an earlier (1999) CAE training checklist stating : on positive rate of climb - gear up , flaps up.
However, if we work it backwards slightly, on an all engines operating go-around, there is nothing about a 400ft min for cleaning up, it just clearly states flaps up at V2+20. Which brings us back to Tom's question of why the 400ft 'limit' is there in the first place, if we are expected to clean up the flaps at V2+20 on a go-around. Why then not on a normal departure?
In the case of the G-IV its actually much of a muchness, in that on a normal all engines departure, selecting gear up on positive rate of climb and waiting for the lights to go out, leaves you at just about 300-400ft, on speed, ready to retract the flap. Thus we are quite happy to stick to the prescribed 400ft flap up, FLCH call as prescribed during training, as its near as dammit to lifting the flap as soon as the gear is confirmed stowed away.