In reply to radddogg:
> When I belay I keep the slack to a minimum without hindering the leader as my opinion is the drop should be kept to a minimum.
> A regular partner pays out the slack without taking any in if for example you place gear above your head then climb up to it.
There's a trade off between the two, as there are two different risk factors you're trying to mitigate: the climber hitting something on the way down, and the climber hitting the wall as they swing in (to ignore forces on trad gear for the moment).
The consequences of hitting something on the way down are generally a bit higher than the consequences of hitting the wall, so guarding against that will take preference - near the ground, a ledge, or a change of angle from slabby to steep you would always want to keep the slack to a minimum.
If the fall is clean, you're on bolts, and you're well above the ground there's no danger from falling a little bit further, and a meter or two of slack in the system will help guard against an accidentally hard catch, so it's a bit safer to have that slack.
To take that a little bit further, if your climber puts his foot behind the rope and is at risk of inverting in a fall, the consequences of swinging into the rock suddenly become much higher, so the (rather counter-intuitive) safest thing to do at that point will often be to throw some more slack into the system.
> As a leader, looking down and seeing the rope looping down from the belay device near to the floor is quite disconcerting - for me anyway - and it has psyched me out on a few harder routes. I tried to tactfully raise this and he talked about giving me a "soft catch".
Do you take many falls on his belay?
> Another climber then backed him up talking about the fall factor. The theory was that the more rope in the system the more dynamic the catch and the less force on the anchors. I didn't understand this as I would expect the further you fall the faster you fall which increases the force on the anchors.
It's quite a complicated scenario - as you rightly say the climber will be moving faster and therefore falling with more energy to absorb if there's slack in the system. I would expect this to generally outweigh the effect of having a longer dynamic rope in play in terms of peak forces.
However, as you climb up to around your piece of gear a bit of slack does two things:
a) it gives the belayer a bit more time to react and give a soft catch
b) it changes the angle at which the rope starts to come tight - increasing the vertical component of the load on the gear and decreasing the horizontal component.
Both of which are likely to be more important than the extra metre of fall when it comes to minimising the load in unwanted directions.
TL;DR in moderation, a bit of slack as you're climbing past the pro is no bad thing