The video posted below illustrates the results form the 3, 4.8 and 8 inch probes and compares the TDR300 to TurfGuard sensors.
I have used all probe lengths and have worked with superintendents who have various preferences for probe lengths. I tend to prefer the 4.8 inch probe because it averages over a deeper profile - calms down the variability in readings. The longer probes also tend to report slightly lower soil moisture and that, I believe, provides a more conservative look at soil moisture - it prevents you from running too dry.
I just had a set of poa greens samples arrive at the lab that had some drought stress and the superintendent recently switched from the 4.8 to 3 inch probes. I suspect that the higher readings when he switched to the 3 inch probes helped lead to the drought damage. I am not a strong proponent of running greens at the minimum moisture level - it is too easy for a little extra wind to dry things out. As long as you use the meter regularly and keep track of greens performance and volumetric water content, you will gain confidence regardless of the probe length you use.
http://www.youtube.com/watch?v=B9pgf6ClapQLarry