ftp://ftp.studer.ch/public/SwissSound/SwissSound16eJul86LR.pdf
Studer themselves discuss the issue in this link.Scroll to the "Stereo to TC article"-page 8.What it boils down to is that Butterfly heads were designed by German Broadcast to enable 2 channel machines to replay mono tapes without the 6db loss of level if replayed on 2 channel machines. This is seen as the only advantage.
Many in Europe refer to heads with 2mm gap as 2 channel heads and those with a 0.75 mm "Butterfly "head as Stereo heads
The 2mm gap in 2 channel allows for a 60db channel separation not possible with Butterfly heads. Machines with Butterfly heads are never used for multi tracking and use mono erase heads as opposed to 2 channel erase heads in 2 track machines.
As Audiophiles it seems logical to me that we should use the 2mm heads for better soundstaging etc. Having said that my best sounding machine is the Mark Levinson ML 5 where ML very definitely specify Butterfly heads.