These days, many good for nothing High Frequency Traders (HFT) just use low priced stocks and take advantage of retail investors. Those HFT colocate their computer to the exchange, take advantage of the exchange published order flows and their speed to trade back and forth stocks just to make markets (theoreticaly just to break even) and get rebates from the exchange (e.g they get $1000 for trading 1MM shares of any stocks), so they prefer using low price stocks. Warren Buffet does make sense in refusing to split his stock, his investor base will be more stable, and no HFT will be profitable to trade his stock and get rebate from the exchange.
There is a difference between taking advantage of a low priced stock and trying to "fool" people with a reverse split. In a huge majority of cases a reverse split only leads to further pain. This is the absolutely wrong way to go about increasing share price IMHO.