We are taught to use rounded line angles because it has been shown (I haven't actually read it anywhere, just what the operative profs say) that sharp angles create "stress fractures in the amalgam." As far as the angulation, we are taught that the buccal/lingual-occlusal walls should be at 90 deg. or slightly undercut (very slight otherwise unsupported enamel) for retention.
We are taught using 256 burrs, which are rounded, but a lot of the faculty still used 556 burs which are not rounded. Ultimately, it probably doesn't make that much of a difference in the durability of the amalgams.