It's an interesting topic. When I started to learn up in Queensland, I would go idle when parallel to the runway threshold, slow to 70 knots then 1st stage of flaps and start my base leg. 70 knots all the way to just above flare height. Second stage of flaps was optional, if too high on final (but within limits), they would go down. Got to about 3 hours solo using this method.
When I moved down to NSW, a bit different. Power and flap settings don't change until the runway threshold is 45 degrees behind you. 2000 RPM and first stage of flap. At 70kts (pretty much straight away), start base. When established base, second stage of flap. Maintain 70kts same as before. Stick for speed, throttle for rate of decent (same as before) , but aiming for 2000RPM.
Took a bit of getting used to going from one method to a different one. Both have merit, so I won't give an opinion on which is better ('cause I don't have one). I believe the second one helps keep the revs up for low outside temps, plus gives more flexibility with the option of higher and lower power settings. The first is simpler to remember in my opinion and I'm sure the awesome CFI at the club would have more reasons... :)
Cheers,
Matt.
(I've left out stuff such as carb heat etc)