I grind edge up, but for sharpening, I go edge down.
Also, I go with the slowest speed possible.
Same here, the last couple grits go edge-down. I take most of my blades right down to a zero edge, right when I'm starting to get a burr, on the slack belt as the last step before hand-sanding. I try use the finest, cleanest belts I have on hand. I have to be real careful because my grinder has one speed... fast.
I really like the convex edge "bevel" you get this way. I find it pretty easy to get knives VERY sharp this way. Not just a keen edge, but one that cuts efficiently. (That's not because of my enormous skill

, just because the technique works really well.)
You can vary how close it is to flat by playing with belt tension a little bit. Depending on the knife you can keep the whole side against the belt, or "roll" the spine away from the belt a little to make your edge more robust. You can put a little micro-bevel on it with a benchstone or what-have-you.
Now that I think about it, slack-belt pre-finishing is one of my favorite steps in making a knife. That's when the blade has actually become a cutting tool. You can test it in your favorite ways, see how it actually cuts, adjust if needed, and if you wanted to, you could say to heck with hand-sanding, wrap some tape or cord around the tang and be done.
