As the heat rises a convection current is created, thereby pulling gases up and out of the cage. If vents are at the bottom of the cage only one has to rely on a mechanical current to creat cross ventilation, and that does not always happen. In a perfect world there would be a small vent near the bottom of a cage, especially if it were tall, to act as something of a cold air return.
There are no general rules as to how much ventilation to add. It is a function of the species you are keeping, the temperature differential between the cage and the room it is sitting in, and the relative humidity in the room. The use and type of misting system can also effect how much ventilation is required.
It's actually even more complex than that, so one has to fiddle with any particular cage setup to find the right combination.
I fall into the camp who builds too much ventilation into a cage and the covers it as required. I'd rather quickly uncover a vent than add another if necessary.