Originally Posted by
Flatballer
I wouldn't wave anyone around, personally. That's asking for trouble. Only the driver should decide if it's safe to pass. If the road is wide enough that they can pass you one up without having to go much in the other lane, I would say one up. But otherwise, 2-up and compact is best in my opinion, although a lot of people will argue for 1 up in that situation.
Waving around is vastly preferable in narrow situations. You allow the pass in a much more predictable situation, and you have better visibility than the driver who's still 40 ft back. This way they will be ready to pass as soon as they clear the corner. I will also expressly indicate when it's not safe to pass due to on-coming traffic (hand out, palm facing driver), car/cyclist goes past then wave the driver through. I'll usually get a courtesy wave in response.
While 2-up and compact is more efficient, it's far more likely to induce road rage. By riding single-file, you're not seen as directly impeding the progress of the cars.