How High?

I would stay below 400 ft for best footage, and to avoid interfering with other aircraft. I usually end up fliyng between 200-300 ft. Remember, there's no zoom on this lens.
 
Higher altitudes have higher wind speeds.
Surface friction slows wind close to the ground.
You can use tailwinds to go very far very fast but remember you have to fight those winds on the way back.
Obviously don't hit anything but don't fly so high you're wasting battery on stronger winds.

Wind Gradient

If you use the iOSD mini you can monitor how strong the winds are as you ascend by watching how hard the phantom needs to "lean" into the wind to hold its position.
 
When going for distance, always try to fly upwind on the outbound leg as to make it easier on the return leg with a tail wind.
Last thing you need is to be worrying about available voltage when fighting a headwind back to the landing site.
You can even switch to ATTI mode and drift it back in a pinch.
 

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