[quote=Scooter B]I still have a question on what the "optimal" goal in cutting the channel besides being uniform, smooth and level.[/quote]
I think the "optimal" goal in cutting the channel is to make it match as closly as possible the binding which is to fit inside the channel.
Yes the binding is there to protect the seams, but also to add a "hard" edge for those clummsy friends we all seem to have. Also, like a book, it "binds" all the pieces together so it doesn't look ugly, now, if you are using similar material for back and sides, sometimes it works out alright (say mahogany back and sides) to "hide" the seam, it's there though and a binding is a good idea.
I think the Stew Mac site has a good picture of the binding ledge, actually so does the Cumpiano book.
Here is a doctored up picture
As far as the chamfer goes, it is on the inside edge of the binding strip, it never gets seen. It's there so that the inside edge does not interfer with seating the binding, this will help get a tighter fit.
The next question is, what are you using to cut the groove/rabbit (same thing here)?
You always want this "groove" to be straight, parallel with the sides, not registering off the top or back as usually these are domed to some radius.
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