Remember, glide ratio for the aerodynamic brick that is a helo during an auto refers to how far you travel over the ground in the flare... So, yes - higher Nr means you fall faster - but when you're in the flare, you go further. So you'd want to maintain high Nr if you are doubting that you can make that farmer's field and need the glide ratio, low Nr if you're closer to the field and don't want to overshoot it.
This arguement may be getting too much into the weeds, but my limited aero knowledge compels me to counter a few points. I haven't done autos out of the sim in about 2 years, but I did many of them for 8 years before that. That said--
I think you guys are confusing Nr Hi/Lo with Max Range/Min Rate of Descent airspeed. In the 58/57/206 it was something like 70 knts max range and 43 knots Min Rate of Descent. To use Phrog's situation, max range will get you to that distant field, but if you are close to the field, Min Rate of Descent will get you down (in altitude) the slowest. I don't think Nr makes you fall faster or slower if you are straight and level (maybe in a 180 turn). Obviously high Nr is good (within limits--don't spin the top off) since that inertia stored in the rotor will be available for cushion at the bottom.
An old IP, one of the smartest I knew, taught me way back in primary that pulling the collective in a little until Nr droops to about 92%, just above the Low Rotor Horn and flying Max Range Airspeed will get you the absolute farthest with no engine. We tried it a few times, and it worked. Just drop collective again and get Nr back to 100% before you decel (increase that inertia to be available for the cushion).
Gatordev, I have to argue that rotor blade weight DOES matter to the inertial characteristics of the rotor system (head). In my KISS mind I think of a kid spinning on the edge of a merry-go-round or a big fat dude--if they are both spinning at the same speed, the fat dude has much more inertia and will spin longer every time.