I think both Rick and Jim have it right. By going to the smaller pilot hole, you put more work load on your tap( so be very careful as you cut those threads), but you cut a deeper thread, which therefore can take a greater load( pressure).
Being careful usually means tapping the hole by hand, and doing at MOST, a half turn, then backing it out 1/4 turn, then going another half. On some hard steels, I have reduced that movement by half, so I was cutting 1/4 turn, backing out 1/8 turn to break the chips, then going on 1/4 turn. Clear the chips frequently by backing out the tap and brushing it clean. Then oil the tap and the existing threads in the hole to guide the clean tap back into the hole. If you have ever seen a commercial production line, using constant flow, water soluable oil to cool their taps, you begin to understand the need to constantly put oil on your tap flutes as you cut threads. When you use the undersized drill size, you need to use oil even more.
Cutting metal generates a lot of heat, and heat is bad for sharp edges. More speed generates more heat, but also increases the risk of breaking a tap off in the hole when you hit a void, or worse, and vug( hard spot consisting of some foreign material) in the steel. Although taps are cheap today, due to mass production, they are fine edged tools, and should be handled and treated with great care to make sure they last, and complete the job.
You can sometimes succeed in cutting threads fast, but the price usually paid is a thread that has cracks, or tears in the teeth. In a shop class in High school, my instructor insisted on threading a piece using a lathe, but he had it set to turn too fast. The threads looked and worked terribly, but I was stuck with them. Later we did a second project, and I tapped those threads myself, and by hand. I took my time, and the threads came out right, smooth, unbroken, or cracked, and you felt like you were putting a screw in a swiss watch by comparison to that job done by my instructor. Just because some guy is hired to teach doesn't mean he knows what he's doing. :hmm: I learned to use dies and taps from my father, and when Dad saw the screw that my instructor cut, he was more than upset. He also knew instantly what the guy had done wrong. Dad had worked in plants in the 1930s, fixing machines, and repairing electric motors, and had tapped thousands of new holes, or threaded stock to mare replacement screws, and bolts.