What's the correct position to assemble eliptic (Biopace, Rotor, etc) chainrings?
IIRC, there are at least 3 conflicting theories:


The rings should be oriented to extract the maximum energy from the most powerful part of the stroke (from roughly 3-oclock to 6-oclock, viewed from the right).
The rings should be oriented to maintain a (relatively) constant forward force/velocity, despite the change in leg force through the rotation.
The rings should be oriented to maintain "smooth" leg motion.  (Whatever that means.)


(1) would have the largest diameter parallel to the cranks, (2) at right angles, (3) somewhere else.

Update:  I have 1 and 2 backwards -- see jae's answer on that point.