Personally, my board has one strap on the rear & the front straps are out. This is mainly due to me rushing to alter my rear straps a while back when I had a crack at waves. Most of my sailing is chop-hopping, blasting and rarely picking up an odd wave, so it suits ok - but not ideal. I would prefer to have both the front & rear straps out for speed, but when I do get out in waves & it's difficult to not stack on a wave with your feet on the outside rails! I guess I should set the straps each time, but I'm always in a hurry.

As Nosinka said, upright for waves to allow weight distribution for tight turns. As a guess, if you have a wider board with front out & back in, your feet will either be fighting each other if you're attempting wave-riding, or you won't get the best results if going for speed.