I felt compelled to bring back this old thread because I couldn't disagree more with Jason_Martin's blanket statement that one should NEVER belay away from the wall.
In my opinion, one should never belay away from the wall, UNLESS (1) anchored, (2) the first piece is a bomber omnidirectional anchor, such as a properly oriented cam or opposed chocks. If rock fall is a problem, such as at Vantage, you may have a very good reason for not belaying directly below the climber.
He cites the need to move around to avoid falling objects. If you are out of the line of fire, then you don't NEED to dodge!
"Anchoring one's self far out from the wall with a leader climbing is an invitation to all kinds of additional problems and dangers. "
I'm not sure what all of these are, but chief among them is The Zipper Effect. This is not a problem if you know how to set a proper omnidirectional anchor at the base of the wall.