Convention usually dictates a 1 up 1 down or 1 up 2 down setup (most 'pop punk' bands like Blink 182, Rancid, MXPX et al) however a few use 2 up 1 down (green day, NOFX, Ron Welty with the Offspring etc). I know Atom Willard from Angels and Airwaves uses a 1 up 2 down in big sizes with an extra 8" Tom to his left and 2 snares, and used the same setup with the Offspring.
I think the premise seems to roll around using what is neccecary to make the correct sound and no more. I don't think I've ever seen a double kick drum, 9 Tom setup with a punk band, because it's just not needed.
Also remember the smaller your setup, the less gear to build up, pack down and haul about!