High-pressure systems tend to have smaller dwell volumes because the mixed fluids don't have to go the whole way through the pump heads as in low-pressure mixing. The extra tubing is neglectable.
For routine HPLC work, I'd prefer quaternary systems, mainly because they usually have better mixing capabilities, resulting in less noisier baselines (esp. with TFA applications), and less maintenance requirements (and less costs!). Plus the addon of greater flexibility - even though the majority of methods I use require not more than to eluents, you may use the extra channels for flushing solvents or the like. For method development, quaternary systems are unbeatable. Use every channel with buffers of different pH and/or different organic modifiers and let it run overnight...can't do that with high-pressure mixing unless you use solvent switching valves.
We have some high-pressure mixing systems for UHPLC applications. They actually DO show better gradient proportioning, especially in the extremes (0-5%, 95-100%) and of course have way less dwell volumes - a must if you want to run fast gradients. Actually there are UHPLC systems with quaternary mixing on the market, I just don't have experience with them.
Both systems have their benefits and their disadvantages, I guess that's why both still exist

. You have to evaluate for yourself, which systems fits better to your needs...