Originally Posted by Doohickie

Actually, it makes more sense from a structural standpoint. Most of your weight goes through your "sit bones" which (for me at least) settle in at about the widest part of the seat. Putting the clamp that way positions the sit bone contact point directly over the seatpost. Doing it the "modern" way is more aesthetically pleasing to our eyes, but it ends up meaning the load is further aft of the seatpost and the seat has to carry higher bending load along with the vertical load. The old pictures are correct from a structural efficiency standpoint, but it looks dorky to us today.