I'm by no means an expert, but from reading over a few threads here's my general understanding of it for anyone still wondering...
A high MCD is great, but if the viewing angle is too small and you have the LED positioned so it's pointing straight up you'll end up with a big hotspot in the center of the button and not much light will show through the button's bezel. This is especially bad for buttons that are very transparent (whoever's playing will be blinded if they look directly at the buttons!)
With a higher viewing angle the light is more evenly distributed through the whole button and you end up with less of a hotspot and more light in the bezel.
Here's a drawing to show what I mean...
I'm using SuperBright RL5-R3545 (3500mcd, 45degree) red LEDs and have them mounted like this in translucent red buttons and I think they light the whole button up great. I also have a few translucent leaf-switch buttons that I'm going to try out and see how lighting them with two LEDs on each side (like how MikeQ shows it
here) compares to lighting a Happ style button with one LED in the center.